Germany's Bundesliga is out-performing the Premiership in terms of finances.
The Premier League's operating profits fell by 57 percent to £79m in 2008-09 - the lowest levels since 1999-2000.
It is only the second time since the Premier League began in 1992-93 that it has not been Europe's most profitable league.
The Bundesliga recorded a £146m profit as revenue increased by £116m and wages went up by just £68m, according to Deloitte's Annual Review of Football Finance.
The German first division also recorded the highest attendances in Europe for the seventh successive season - attracting 8,000 more people per game than the Premier League.
The Premier League remains by far the biggest division in terms of generating revenue, which actually increased by £49m, but this was swallowed up by a £132m increase in wages.