Erik Jendrisek, left, of Kaiserslautern and Jose Goncalves of Nuernberg, during a Bundesliga match last week

The Italian league is expected to generate $2.1 billion in revenue in the 2008/09 season, second only to England's Premier League.

However, the third-placed Bundesliga, just $15 million behind the Italian top division in the projection, may surpass Serie A if German clubs succeed in the Champions League.

"The narrow margin between the two leagues may be closed if the German clubs competing in the Champions League achieve better results than the Italian clubs, earning higher UEFA (Union of European Football Associations) prize money," Italy-based StageUp said.

Most of the revenue would come from television and sponsorship deals, ticketing, royalties and advertising.

In Italy, where many stadiums are in need of an overhaul, foreign investors are hesitant to put money into football clubs while a row over television rights risks overshadowing the start of the championship this weekend.

Revenues in Serie A are expected to fall by two percent from the previous season.

More investment

"In order to close the gap on the Premier League and stop the Bundesliga's advance, Italy should invest more in stadiums to boost profits," StageUp president Giovanni Palazzi said.

"Profits may come from higher attendances in comfortable and safe facilities, as well as from stadium naming rights, which is very much developed in Germany," he added, noting that the Bundesliga had benefited from Germany hosting the World Cup in 2006.

Germany's top division is already the most profitable league in Europe with an operating margin of 18 percent, three times that of the Premier League, a recent report by Deloitte said.

The Bundesliga's good financial performance reflected its ability to keep players' wages under control while it also had the highest average attendances in Europe, almost double those in Italy, the StageUp report showed.

The English Premier League continues to power ahead with estimated revenues of about $3.5 billion in the 2008/09 season, although player wages tend to consume most of the increase in revenue, according to StageUp.

Spain's Primera Liga comes fourth in terms of revenues because of a disparity between big and small clubs in the system of television rights sales, with only the dominant Real Madrid and Barcelona negotiating on an individual basis.

Recommend this article...

Did you enjoy this article? Please bookmark it onto: