Newcastle United are the 36th most financially powerful football club in the world, according to a new report.
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 yesterday.
Unsurprisingly, Manchester City, 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, Newcastle have fixed assets of £88million, while their playing assets are valued at £134million.
The report claims the Magpies have £2million in the bank and a net debt of £120million, which is owed to owner Mike Ashley. The study also claims that Newcastle's owner potential investment stands at £91 million.
The study places United 36th in the world, ahead of fellow Premier League clubs Crystal Palace, Swansea City, Bournemouth and Burnley who also make the top 100, while they are above traditional European heavyweights such as Roma, Lazio, Sevilla and Marseille.
Sunderland are 86th on the list despite their relegation to the Championship.
The report comes as Ashley continues to hold talks with Amanada Staveley, of PCP Capital Partners, over a potential sale of the club. Ashley is demanding £300million while Staveley values the club below that figure.
Man City topping the pile is not a surprise given the owner potential investment of Sheik Mansour but Arsenal in second place - ahead of the likes of Manchester United, Paris Saint-Germain and Real Madrid - is more of a shock.
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."
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