The competition started in 1992. Clubs in the Football League First Division decided to break away from The Football League, founded in 1888. The Premier League has since become the world's most watched sporting league.[1] It is the world's most lucrative football league, with combined club revenues of £1.93 billion ($3.15bn) in 2007–08.[2] It is also ranked first by UEFA. This rating is based on performances in European competitions over the last five years. In this English Premier League is ahead of Spain's La Liga and Italy's Serie A.[3]