This financial boon has significantly benefitted member clubs, with fee payments witnessing a 7% increase, rising from £29.7m to an unprecedented £31.7m.

Total distributions to clubs also reached a new high of £35.8m, up by 6% from last year’s £33.7m. This was in addition to the net gate receipts (of £2.6m) distributed to the four clubs participating in the Viaplay Cup semi-finals and final at the National Stadium.

Cinch Premiership Clubs will also benefit from higher UEFA solidarity payments, which last year amounted to £3.6m, as a result of the recent success of Scottish clubs in European club competitions and the increase in funding by UEFA of such payments.

Neil Doncaster, SPFL chief executive, said: “This is the first time SPFL turnover has broken the £40 million figure. In tandem with record fee payments to clubs of £31.7m, these are by far the strongest figures we’ve achieved in the ten-year history of the SPFL.

“Especially in light of the ongoing economic challenges, today’s figures are testament to the continuing popularity of Scottish football and the growing demand from broadcasters and other partners.

“These record figures have been driven primarily by increases in the values of our partnerships with Sky Sports, BBC Scotland, Infront and Football DataCo and reflect the unique passion and drama of the Scottish game.”

Murdoch MacLennan, SPFL chairman, said: “These very encouraging results continue the strong trend of year-on-year improvements over the first decade of the SPFL and reflect a great deal of hard work and cooperation between SPFL staff and our 42 clubs.

“Driving value back to our member clubs is our central role and I’m very confident that, working with the clubs across all four divisions, the SPFL is well-placed to continue its strong performance in the years ahead.”