[GERMANY] According to a study by the StageUp sport business research firm, the Germany Bundesliga is likely to over take the Italian Serie A as the world's second richest league. First is the English Premier League, whose revenues for the 2008-09 are estimated to be $3.5 billion.

Italy's top tier league is expected to generate $2.1 billion, a figure that the Bundesliga could surpass if German clubs go far in the UEFA Champions League.

The Bundesliga is already the world's most profitable league with an operating margin of 18 percent, which is three times that of the Premier League, whose revenues are consumed by high player salaries.

The rise of German revenues is credited in part to stadium improvements from hosting the 2006 World Cup.

"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 told Reuters.

Spain's Primera Liga ranks only fourth because of a television rights system by which its major clubs, such as Real Madrid and Barcelona, negotiate on an individual basis.