Manchester City Top Manchester United as Premier League's Most Valuable Club

Manchester City are now the most valuable Premier League club after overtaking Manchester United, according to a new study.

Research undertaken by the University of Liverpool's Centre for Sports Business Group (h/t BBC Sport) has led to a valuation of City at £2.364 billion, while United's is calculated to be £2.087 billion. 

An increase in City's value by £385 million and decrease in United's by £376 million is the reason for the turnaround, with the Red Devils' decline blamed on "higher wages and lower profit."

Tottenham are the third most valuable at £1.837 billion, followed by Liverpool (£1.615 billion), Chelsea (£1.615 billion) and Arsenal (£1.368 billion).

The top six clubs account for 74 per cent of the league's overall total value, with Burnley—the "most sensibly run club in the Premier League financially"—coming in seventh at £398 million.

United's decline mirrors their trials on the field.

Despite a significant upturn in form after Ole Gunnar Solskjaer succeeded Jose Mourinho as manager in December, a recent run of just two league wins in seven means the Red Devils look set to finish outside the top four for the third time in four seasons:

Conversely, under Pep Guardiola, City have become one of the best sides in Europe. They are on track to become the first side since United in 2009 to successfully defend the Premier League title.

At £590 million compared to City's £500 million, United still have the highest revenue in the Premier League by some distance, which is why they were third to Real Madrid and Barcelona in Deloitte's annual assessment of the world's richest clubs:

However, the University of Liverpool's research took into account "revenue, profits, non-recurring costs, average profits on player sales over a three-year period, net assets, wage control and proportion of seats sold."

Arsenal's decline will concern United as they have been hit by successive seasons outside the UEFA Champions League.

It was already abundantly clear the Red Devils need to make major changes in the summer in order to start competing for titles once again, and the latest financial revelations only confirm that.