Runaway Premier League leaders Manchester City are packing more financial power than any other club in world football, according to a new study.
The Soccerex Football Finance 100, which ranks the world's top teams based on both their playing and fixed assets, money in the bank, owner potential investment and debt, was published on Wednesday.
City, who have dropped just four points in the league this season, lead the way ahead of Arsenal with English clubs dominating the top 10. Tottenham are fifth on the list ahead of seventh-placed Manchester United, with Chelsea in ninth.
According to the study, Arsenal have £766million worth of fixed assets - following their move from Highbury to the Emirates Stadium - more than any other club in world football, while only Manchester United have more money in the bank (£307m) than Arsenal's £300m.
The north London club also have the lowest net debt (£8m) of any other team from England, with Chelsea's £800m recorded as the largest of clubs in the top 100.
The annual report by Soccerex suggests that Arsenal have the monetary muscle to "invest significantly" in the transfer market.
"Manchester City, one of the most famous cases of significant foreign investment changing a club's status and potential, top the rankings," the study concludes. "Their owner's high potential investment value is complimented by a strong performance by the club across each of the verticals.
"Arsenal's second place in the rankings, ahead of PSG, will surprise many and is certainly a talking point in light of criticism the club receives from some quarters for its perceived lack of spending in the transfer market.
"Their ranking is a reflection of the club's professionalism and a sound business model. The position of financial strength means Arsenal could invest significantly should the hierarchy of the club choose to change their business strategy."
Liverpool are 16th on the list, while 2016 Premier League champions Leicester are 20th. French giants Paris Saint-Germain, who broke the transfer record to sign Neymar last summer, are third ahead of Chinese side Guangzhou Evergrande. Real Madrid are sixth with their La Liga rivals Barcelona only 13th.
1. Manchester City
4. Guangzhou Evergrande
6. Real Madrid
7. Manchester United
10. Bayern Munich
11. Zenit St Petersburg
12. RB Leipzig
14. LA Galaxy
15. Atletico Madrid
17. Borussia Dortmund
Other English clubs in the 100:
35. West Ham
55. Crystal Palace
91. Aston Villa