Arsenal's income has overtaken that of the Gunners' Premier League rivals Manchester United for the first time, according to a study launched at ESADE and produced by Prime Time Sport.

'Arsenal has risen to the third spot, thanks to the real estate transaction that allowed the London club to earn £88 million. For the first time, Manchester United (4th) is not among the top three clubs,' notes the report.

English soccer, it continues, is no longer the machine that carries European's football industry. All the big Premiership clubs will have ended the 2008-09 season with financial losses, but some special transfers and deals, such as the Arsenal real estate transfer explained above, Manchester United's sale of Cristiano Ronaldo and Tottenham's sale of fixed assets for €56.5 million allowed them to stay in the black.

There have been increasing concerns about the financial situation at both Arsenal and Manchester United in recent months. Despite Arsenal revealiing record profits, the club's manager, Arsene Wenger, has openly admitted the club cannot match the spending power of its rivals at the top of the Premier League. Since Roman Abramovich first bankrolled Chelsea to the Premier League title in 2005, the season after Arsenal's famous Invincibles went unbeaten for a full season, the Gunners have not won a major trophy.

• Exclusive interview: Arsenal marketing director explains club's ambitions
• Manchester United bond deal 'the worst performing launch of the last two years'

At Manchester United, meanwhile, the situation appears even more precarious. Ongoing fan protests at the Premier League champions are likely to increase in coming months, according to fan group leaders, with boycotts of Old Trafford season tickets planned as pressure groups look to hit the Glazer family, Manchester United's owners, in the pocket.

Season ticket sales at Old Trafford fell from 65,000 to 58,000 this season, according to reports, as the economic crisis combined with ticket prices that have increased massively since the Glazer family took control of Manchester United, leaving many fans disenchanted despite three consecutive Premier League titles.