Tottenham Hotspur have displaced Manchester City as the most valuable Premier League club according to a recent study published by SunSport.
The north Londoners made it through to their ever Champions League final last season only to be beaten by their rivals 2-0 at the end of the game.
Jose Mourinho's men have not won any trophy in a decade but have consistently finished among the top four teams in the last few years.
However, despite their failure to lift any major title over the years, the Lilywhites have been doing well financially according to football finance experts at the University of Liverpool Management School.
Their reports show that Spurs' low budget and improved on-field fortunes were the two reasons for their recent feat as reported by The Mirror.
They added that the opening of their new stadium worth £1 billion attracted significant commercial income.
Kieran Maguire, who is part of the University's Centre for Sports Business Group, said: "Spurs are top of the valuation table because in 2018/19 they delivered a Champions League final and a top-four Premier League finish on a wage budget that was £100-150 million lower than the rest of the 'Big Six".
"As such, they made more profits, and this was reflected in the final valuation number." There are no changes in the list of top six teams as Manchester United ranks third most valuable EPL team, while Liverpool, Arsenal, and then Chelsea.
Wolverhampton Wanderers are the next most valued team after the above-mentioned clubs in England in the season under review.
According to the report published by the Mirror, Tottenham's revenue increased by 21 percent totaling a sum of £461million at the end of the 2018-19 season.
Chelsea expended a total of £290 million in the transfer market, in a season following the signing of Jorginho (£50m), Kepa Arrizabalaga (£70m) and completed a deal for Christian Pulisic (£57m).
The Reds followed closely with net expenses of £223m, ahead of Man Utd (£135m) and Man City (£87m).
Despite their financial buoyancy, Tottenham signed up for the Government's furlough scheme amidst the coronavirus pandemic and this brought a lot of criticisms on their board.
No fewer than 550 non-playing staff were enrolled for the program, thereby allowing them to cut their wages to 80 percent, before reversing their decision after public backlash. The enforced break caused by the crisis will still significantly harm Spurs' finances, however, as well as all other Premier League clubs.
Maguire added: "Club values will take a considerable hit. There are fewer potential buyers in the market and greater uncertainty in terms of clubs' ability to generate income.
"We have seen the share prices of clubs with shares quoted on the stock exchanges, such as Manchester United and Juventus, fall by 20-30% since the start of the year. "This is likely to be greater for smaller clubs who don't have the marketing and reputational might of the well-known brands."
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