When they are not representing their countries, nearly three-quarters of the footballers at the World Cup in South Africa play for European clubs. That is because Europe is where the money is: in the 2008-09 season, estimates Deloitte, an accounting firm, European football's revenues were €15.7 billion ($18.9 billion), up from €14.6 billion in 2007-08. The top leagues of five countries, led by England, account for half the European game's revenues; even those countries' lower tiers take one-eighth. Most of the money coming in from television, tickets and so forth goes out in wages. Deloitte says that only two of the big five, Germany's Bundesliga and the English Premier League, operate at a profit.