Arsenal have overtaken Chelsea in the "rich list" of European clubs while Manchester United have dropped into third place with Barcelona taking their place in second behind their Spanish rivals Real Madrid.
The Deloitte Football Money League sees the two La Liga clubs secure the top spots, mainly because of the continuing decline of the pound against the euro. The most notable change in the list, based on clubs' revenue excluding transfer fees, sees Arsenal leapfrog Chelsea with the Gunners recording a 7 per cent rise in revenue to £224m compared to their London rivals' £206m – a 3 per cent fall in revenue.
Real Madrid have topped the "rich list" for the past five years but Barcelona's unprecedented success last season, where they won five trophies, has seen them overtake United despite a 9 per cent rise in income at Old Trafford.
Deloitte spokesman Dan Jones said: "Chelsea's revenue has dropped because last season was a bit worse than usual on the pitch, they had frozen season ticket prices and there was not a lot going on in big new commercial developments. Arsenal have the advantage in matchday income with a new 60,000-seater stadium and they made the semi-finals of both the Champions League and the FA Cup."