Manchester City have overtaken Manchester United as the most valuable Premier League club, according to a new football finance study.
City are valued at £2.364bn, up £385m, while United are valued £2.087bn, a drop of £376m blamed on “higher wages and lower profit”.
The top six account for almost three-quarters of the combined league value.
Burnley are seventh and described as the “most sensibly run club in the Premier League financially”.
Overall, the study by the University of Liverpool’s Centre for Sports Business Group found the cumulative value of the league’s clubs is £14.7bn, a 1.6% drop.
The two Manchester clubs are the only two valued at more than £2bn in the study for the 2017-18 season.
Spurs (£1.837bn), Liverpool (£1.615bn) and Chelsea (£1.615bn) have seen big rises but Arsenal dropped to £1.368bn without Champions League football.
The top six clubs make up 74% (£10.9bn) of the overall total with Burnley almost £1bn behind Arsenal in sixth.