A review into soccer finances shows that English Premier League players' wages are at record levels, outstripping growth in club revenues.

Wages went up by $312 million dollars in the 2010-11 season to almost $2.8 billion -- a 14 percent rise -- while overall revenues at clubs rose by 12 percent to $3.5 billion, according to analysts Deloitte.

With the top 20 clubs splashing out on big salaries in an increasingly desperate bid for success, wages now account for a record 70 percent of the revenue generated by Premier League clubs.

"If the wages to revenue ratio is 70 percent or higher it's very difficult to make an operating profit," Alan Switzer, director in the sports business group at Deloitte, said. "In our view it is too high as a league and the clubs need to be edging back to the low 60s."