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A new study compiled by University of Liverpool Management School football finance expert Kieran Maguire, has shown the current value of Premier League clubs.
Tottenham top the list with an overall club value of £2.567 billion, followed by Man City at £2.2 billion and Man United at £2.1 billion.
Reigning European champions Liverpool are 4th with an overall value of £1.6 billion, followed by Arsenal at £1.4 billion, while Chelsea are way behind at 6th with a valuation of £1.2 billion.
Explaining the study, Maguire said: “Spurs are top of the valuation table because in 2018-19 they delivered a Champions League final and a top four Premier League finish on a wage budget that was £100-150m lower than the rest of the ‘Big Six’.
“As such they made more profits, and this was reflected in the final valuation number.
“These factors led to a 21 per cent increase in income, to £461m for Spurs in 2018-19, against an unbelievably light 39 per cent player wage cost – the lowest ratio in the Premier League.
“By comparison, top four rivals Leicester City see 84 per cent of their income eaten up by player wages. Tottenham also only spent a net £22m on players – only Watford spent less (£21m) – where Chelsea spent net £290m, Liverpool £223m, Man Utd £135m and Man City £87m.”
A low wage system and a highly commercial stadium are understood to be the major contributing factors that made Tottenham top the list.