Ipswich chairman David Sheepshanks believes the Football League's new television deal will 'underpin the future growth' of the league.
The new agreements with Sky and the BBC, to run for three seasons from 2009-10, are worth worth a total of £264million compared to £112.5million for the current agreement.
Sky will screen live 65 Football League games a season plus the play-offs and the Carling Cup final while the BBC will have live coverage of 10 other Championship games.
Sheepshanks told Sky Sports News: 'It's fantastic news for everyone in the Football League.
'The initiative and enterprise the Football League has shown to popularise our competitions has been rewarded by this massive deal and will of course help clubs' economies massively.
'This deal doesn't kick in until the summer of 2009 but this underpins the future growth of the Football League and its members.'
Football League chairman Lord Mawhinney said: 'We are delighted to be continuing our strong partnership with Sky Sports and are excited by the prospect of working closely with the BBC.
'I am grateful to them both for their recognition of the value that The Football League brings to the football marketplace.
'Over the last few years, the League's standing has been enhanced, both commercially and competitively, as we have delivered real football for real fans. This deal recognises that fact.
'£88million a year coupled with unparalleled coverage on Sky and the BBC will provide a fantastic boost to Football League clubs and their supporters.'
Under the new agreement, Sky will broadcast:
• 65 matches from the Coca-Cola Football League.
• Play-offs - including all three finals.
• Live matches from all rounds of the Carling Cup - two matches per round - and two legs of the semi-finals plus the final.
• Live matches from the Johnstone's Paint Trophy.
• Highlights and clips of the Coca-Cola Football League, Carling Cup & Johnstone's Paint Trophy.
The BBC will broadcast:
• 10 matches from the Coca-Cola Championship.
• The two legs of the Carling Cup semi-finals not covered by Sky.
• Highlights and clips of the Coca-Cola Football League and the Carling Cup.