Arsenal are kings of the capital

CHELSEA may have finished above Arsenal in nine of the last 10 Premier League seasons, but the FA Cup holders retain a more valuable brand, according to a report conducted by Brand Finance.

The annual study assesses the cost a third party would have to pay to license the use of a club’s brand, taking into account several factors including squad value, club heritage and average attendance.

Brand Finance deem Bayern Munich to be the world leaders, ahead of European champions Real Madrid, while Manchester United have paid the price for a dismal season and slipped to third place.

Arsenal, sixth overall, lead the way in the capital from Chelsea and Tottenham, while at the other end of the scale relegation looks set to cost Fulham dearly.

Brand values are calculated in US dollars as a means of comparisons between clubs globally.