England's forward Jamie Vardy (R) plays the ball during the Euro 2016 round of 16 football match between England and Iceland at the Allianz Riviera stadium in Nice on June 27, 2016. / AFP / ANNE-CHRISTINE POUJOULAT (Photo credit should read ANNE-CHRISTINE POUJOULAT/AFP/Getty Images)

England’s football team reached a sporting nadir after being knocked out of the European Championships by Iceland last summer. But the nation’s shortlived participation in the tournament helped the Football Association to achieve record revenues.

English football’s governing body said last season’s finances were boosted by the national team competing in Euro 2016, as well as the completion of a number of deals, including the sale of broadcasting and naming rights for the FA Cup and a new kit contract with Nike.

On Thursday, the FA reported turnover of £370m in the year ended July 31 2016, an increase of £52m from a year earlier. Though the organisation did not give details on the value of its commercial contracts, it said broadcasting income was the FA’s largest revenue stream.

In October, the FA sold a six-season broadcast deal starting from the 2018-19 season for the FA Cup, the club knockout competition, to sports rights agencies Pitch International and IMG. Reports suggest the deal was worth about $1bn.

The FA said the deal meant that domestic and international television rights for the English national team and the FA Cup were tied up until 2021, which would ensure “financial stability in the medium term”.

Last year, the FA reached a 12-year extension to its contract with Nike worth at least £400m, which means the English men and women’s teams will wear the US sportswear manufacturer’s kit until 2030.

Martin Glenn, chief executive, said: “We are delighted to be in such strong financial health . . . this allows us to invest even more money than ever before back into every level of our national game.”

The organisation runs on a not-for-profit basis, with its model designed to invest surpluses back into the development of the sport at grassroots level.

Those investments rose by £8m to £125m last season, after the FA secured a profit after tax of £7m, up from a £9m loss during the same period a year earlier.

The FA has come under attack by politicians in recent weeks. Earlier this month, it was subject to a motion of no confidence by the UK parliament. MPs called for reforms to the FA’s structure, in particular the need to diversify its 12-strong board and 121-member ruling council, which are both dominated by white men.

Greg Clarke, appointed FA chairman last August, has said he would resign if he was unsuccessful in transforming its leadership structure within the coming months.

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