“Germany is already the European champion … in terms of the economic efficiency of its first division”, announcesLes Echos which reports on the annual EuropeanFootball Money League ranking produced by the British arm of accounting firm Deloitte.

With four days left to run before next Friday’s kickoff of the Euro 2012 in Warsaw, Poland, the business daily enumerates the reasons for the financial health of the Bundesliga —

Since the mid-noughties, the German league, which has developed its economic effectiveness through the use of large stadiums, can boast of the best attendance records in Europe (with more than 42,000 spectators on average per stadium in 2010-2011). At the same time, it has also demonstrated a remarkable ability to control wage costs, which, on average, account for 53% of revenues, as opposed to 75% in Italy and France, 70% in England and 58% in Spain.

For Deloitte, the finances of the Bundesliga are all the more exceptional when considered in terms of a European context marked by major imbalances. A case in point is the stark contrast with the English Premier League “which, in 2010-2011, posted accumulated pre-tax losses of 380 million pounds sterling, and continues to require urgent attention”.