(CNN) -- The German Bundesliga has overtaken the English Premier League as the most profitable in the world, according to financial analysts Deloitte. Despite predicting that the Premier League's revenue will top $2.8 billion in the season just gone, Deloitte said clubs' profitability has more than halved between the 2007-08 season and the 2008-09 campaign. Deloitte's annual review of football finance also showed that the total European football market grew to a record $19.3 billion in 2008-09. According to Dan Jones, a partner in the firm's Sports Business Group, the reason the Bundesliga has leapfrogged the Premier League is due to its clubs' control of wages.
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German Bundesliga overtakes the English Premier League as world's most profitable
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Deloitte say this is due to the German clubs' tighter control on wages
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Premier League revenues set to top $2.8 billion in season 2010-11
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Figures show European football market grew to a record $19.3 billion in 2008-09
But Deloitte's figures show that although @placeholder clubs managed to increase their revenue by three percent in 2008-09, operating profits were reduced from $267 million in 2007-08 to $114 million in 2008-09.