The club's wage bill of 115 million pounds in 2003/04 is almost certainly the highest in world football, according to an annual financial review by consultants Deloitte and Touche.

But the 19 other Premiership clubs are, for the first time, spending less overall on players' pay - obe per cent lower than in the previous year.

Even including Chelsea's 110 percent increase in wages, the total Premiership bill went up only 7 percent from 761 million pounds to 811 million.

It is the lowest growth rate since the Premier League was formed in 1992.

The report covers Abramovich's first full season of ownership of Chelsea, so does not cover any spending last summer by new manager Jose Mourinho.

England midfielder Frank Lampard is reported to be the highest-earner on 5 million pounds which Mourinho will top with his new five-year contract signed in May.

Deloitte sports business consultant Paul Rawnsley believes clubs are taking a more prudent approach to player wages.

"At the top clubs the biggest stars are still being very well paid - and the amount Chelsea are paying skews the figures," he said.

"But in the middle ground, there are not the rates of increases seen in the previous 10 years - and even decreases.

"There has also been an increase in performance-related pay."

The Premiership has an advantage over European rivals when it comes to attracting and retaining top players

"Chelsea total wages were 38 million pounds higher than the second biggest spenders, Manchester United, and almost certainly the highest football club wages bill in the world," the Deloitte report states.

In overall revenue, Premiership clubs earned 1.3 billion pounds in 2003-04 confirming it as the biggest league in Europe by a record margin.

The Premier League's income was over 500 million pounds more than Italy's Serie A, the second-richest in Europe.

Manchester United were again top of in terms of revenue generation with 172 million pounds - the most for any club in the world.

But Chelsea, with 144 million pounds, narrowed the gap.

Abramovich is estimated to have spent 300 million pounds on Chelsea in the last two years and he got his first return this year with the Premiership title and League Cup.

The benefits of playing in Europe were illustrated by Liverpool's estimated 30 million pound profit from their Champions League triumph last month.