Arsenal overtake Chelsea as London's most valuable Premier League club according to Forbes

Arsenal have overtaken Chelsea as the most valuable Premier League club in London, according to Forbes’ list of the World’s Most Valuable Sports Teams.

In the latest 2016 study, the Gunners rise 13 places from last year to reach number 23 on the list, which also includes 27 NFL franchises among other sporting sides.

Chelsea, however, drop five places to 36 after a disastrous defence of their Premier League title from the 2014/15 season under Jose Mourinho.

Under Stan Kroenke’s ownership, Arsenal are now worth a whopping £1.53billion, whereas Chelsea are valued at £1.26bn

The Blues’ failure in qualifying for Champions League football next term has hit them hard as Antonio Conte takes over as manager this summer.

Rather predictably, Manchester United are England’s most valuable side (£2.51bn), 

while Real Madrid are the most valuable football team on the planet with a value of £2.75bn.

NFL franchise Dallas Cowboys, who are worth £3.04bn, leapfrog La Liga giants Madrid to top the illustrious list.