WHEN international accounting firm Deloitte releases its annual ‘Football Money League’ report, fans everywhere hold their breath. The astronomical figures the top 20 European football clubs rake in continues to rise each season and 2007 appears to be no different.

The 2005-2006 report, released last year, had Spanish giant Real Madrid at number one with turnover of US$393 million and Barcelona at number two with $356.6 million. Eight English Premier League teams, led by Manchester United and Chelsea, made the cut as well as a smattering of Italian, German and French sides. Portuguese club Benfica rounded out the top 20, which raked in a collective $4.5 billion.

These figures look like they will be dwarfed when the 2006-2007 report is released. Arsenal has announced an increased turnover this year of $393.8 million, with profits of more than $100 million.

Manchester United confirmed in early January it had one-upped its EPL rival with an even higher 2006-2007 turnover of $480.5 million, including profits up 93 percent to $116.9 million. These numbers have been boosted by a new, more lucrative broadcasting deal struck with the Premier League competition, making it the richest in world football.

Where the money will go is easy to predict – into the pockets of the players. In the Premier League, on average 62 percent of club turnover is spent on wages, lining the pockets of stars like John Terry, Cristiano Ronaldo and Steven Gerrard.

While football players don’t match their US compatriots in the wage department, they still earn breathtaking amounts.

But are they overpaid? The overwhelming sentiment is ‘yes’. Terry’s wage in particular has been the centre of much debate. In November, British sports minister Gerry Sutcliffe labelled it “obscene” and also took a swipe at the ticket prices at Manchester United, which help to fund player wages.

“I think the game has got to have a look at itself at that level because it moves further away from the grassroots,” Mr Sutcliffe said. “Good luck to John Terry but I think it is obscene to be on £150,000 ($299,000) a week. People in the street cannot understand salaries like that,” he said, speaking at the FT Sports Industry Summit. He was later forced to admit his figures were incorrect –Terry earns ‘only’ $261,000 a week.

James Andrews, of the MSNUK Money website, is one of the few who believe EPL players are “worth every penny”, citing the example of Terry.

“How good is John Terry at playing football? Let’s put it this way, almost every child in England plays football at some point. But of all of those available he is one of the best two English defenders and captain of his national side. So one in 50 million good,” he says.

“It’s important to remember that footballers are not paid for their labour, but for their ability. And it is an uncommon ability, there are only around 500 current Premier League players in a country of 50 million people in a league that draws on the finest talent from around the world. Even if every footballer was English then only one in 100,000 would make it.”

Terry has been made a scapegoat for being reportedly the highest paid player in the Premier League, which in the past two years has seen large rises in both transfer fees and player wages. Deloitte estimates the average wage in the Premier League this season will be $2.2 million. Having signed a five-year deal last summer, Terry takes home about $13.6 million a year – big money in anyone’s language.

Behind him are Chelsea’s much-maligned pair Michael Ballack and Andriy Shevchenko, who both earn $241,000 each week.

Rounding out the top 10 EPL earners are Steven Gerrard, Cristiano Ronaldo, Wayne Rooney, Michael Owen, Frank Lampard, Rio Ferdinand and Didier Drogba.

This amount can almost double when incentives are taken into account, not to mention sponsorship and endorsements. But to put it all into perspective, only a handful of footballers make Forbes’ top 25 paid athletes list, which has Tiger Woods way out in front of boxer Oscar De La Hoya.