Dr. Tom Markham has looked into Premier League clubs and determined that only Manchester United are worth more than Arsenal.

Thanks to the building of the Emirates Stadium, Arsenal now bring in an incredible amount of matchday revenue and commercial deals, which are at a record high for the club, are expected to continue increasing drastically when contracts are next up for renewal.

As a result Arsenal are, without an oligarch, worth more than both Manchester City and Chelsea. With plans to renovate or move stadium a decade or more behind, Liverpool and Tottenham – also without huge financial backing from their owners – have been left miles behind the Gunners.

You can read more about the details here, but below is the formula used to arrive at the valuation of each club.

MMM

Arsenal are now valued at £1.118bn, a staggering amount which is entirely due to the business model the club has planned out for itself. We are now capable of paying fees and wages to attract the likes of Mesut Özil and Alexis Sánchez, something that was simply unthinkable a decade ago.

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There’s no doubt that these figures will only cause frustration among some fans as Arsenal look in need of strengthening, but Arsène Wenger has already described why the current transfer market is so tricky to delve into.

What’s promising is that Arsenal are making money, and any opportunity that comes up to improve us on the pitch can be taken.