Arsenal's position as the lowest-spending member of Europe's elite soccer clubs has been confirmed by a study, with the club spending some €2 million less than its closest rivals, AC Milan, over the period of the analysis.

The Football Transfer Review 2010, developed by Prime Time Sport and led by the company's chief executive, Esteve Calzada, the former chief marketing officer at FC Barcelona, is an in-depth study into player transfers and club revenues across Europe

Not coincidentally, Arsenal were also found to be the English club leading the way in player development, saving multi-million sums by using home-grown players.

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The study found that 39.6 per cent of Arsenal players who featured in the Uefa Champions League were homegrown, having spent at least three years at the club between the ages of 15 and 21 - more than any other club in the competition except Spanish giants Barcelona.