Arsenal rise above Chelsea on rich list as Spanish giants lead the pack
Arsenal have overtaken Chelsea in the 'rich list' of European clubs while Manchester United have dropped to third place behind Real Madrid and Barcelona.
The Deloitte Football Money League sees the two Spanish clubs secure the top spots but mainly due to the continuing decline of the pound against the euro.
The most notable change on the list, based on clubs' revenue excluding transfer fees, sees Arsenal leapfrog Chelsea, with the Gunners recording a 7pc rise in revenue to £224m compared to their London rivals' £206m -- a 3pc fall in revenue.
Real Madrid have topped the rich list for the last five years, but Barcelona's unprecedented success last season, when they won five trophies, has seen them overtake Manchester United despite a 9pc rise in income at Old Trafford.
Dan Jones, partner in the sports business group at Deloitte, said: "Chelsea's revenue has dropped because last season they had frozen season-ticket prices and there was not a lot going on in big new commercial developments. Arsenal have the advantage in match-day income with a new 60,000-seater stadium.
"All the English clubs were impacted by the depreciation of the pound against the euro. If exchange rates remained at their June 2007 level, United would be top of the money league table."
Liverpool, who enjoyed an 11pc revenue increase, rose a place to seventh. There are seven English sides in the top 20 in Europe -- Tottenham are 15th, Manchester City 19th and Newcastle 20th.
The two Spanish giants have an advantage in revenue terms in that they negotiate their own individual TV rights while the Premier League have a collective deal which is shared among all 20 clubs.
The Top 10
1 (1) Real Madrid £341.9m
2 (3) Barcelona £311.7m
3 (2) Man Utd £278.5m
4 (4) Bayern Munich £246.6m
5 (6) Arsenal £224.0m
6 (5) Chelsea £206.4m
7 (8) Liverpool £184.8m
8 (11) Juventus £173.1m
9 (10) Internazionale £167.4m
10 (7) AC Milan £167.4m
*Last season's position in brackets.