In line with FFP regulations Uefa has carried out an audit of all 237 clubs competing in this season's Champions League and Europa League with the Gunners topping one category
Uefa carried out an audit of all 237 clubs competing in this season's Champions League and Europa League for its report in line with Financial Fair Play regulations.
The 237 clubs in total were estimated to hold €4.9bn (£4.1bn) worth of long-term assets but over half of the clubs competing in Europe this season still play in municipally-owned stadiums.
The benefits of stadium ownership are plainly spelt out in the report with those clubs who own their stadiums better prepared for the implications of FFP.
"Of the 23 participating clubs from 11 different countries with fixed assets of €50m+, nearly all own their stadium (20)," Uefa's report stated.
Only 21 per cent of the clubs assessed own their stadium with Arsenal's spectacular Emirates Stadium seeing them lead the way in this category.
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"Long term investment diversifies the sources of club revenue," Uefa stated. "Clubs owning their own stadium generated 23% and 11% of their total revenue from gate receipts and commercial activites compared to just 14% and 7% for those clubs who rent/lease their stadium."
Perhaps surprisingly given their recent stadium wrangles, Valencia are ranked in the second band of teams in the €200m+ (£169m) tangible fixed assets category. They sit alongside usual suspects Real Madrid, Manchester United, Bayern Munich, Manchester City and Tottenham. Also among the surprise clubs in that band are Ukrainian side Dnipro Dnipropetrovsk.
Elsewhere in the report, Real Madrid dwarf their competitors in terms of revenue with the Spanish giants out on their own with €500m+ reported.
The 237 clubs assessed make up 57% of the €14.1bn revenue total in all of Europe's top divisions. These clubs returned a total of €8.1bn worth of revenue with net losses across the board reduced from €1.7bn to €1.1bn. Sixty-two % of clubs audited reported a rise in revenue with the average rise clocking in at 9.9 per cent.
Sporting Braga, Standard Liege and Partizan top the percentages in terms of money pocketed from transfer streams. Net earnings from transfer activity accounts for over 60% of each club's revenue.
In terms of cash value, AC Milan, Udinese and Tottenham all banked over €30m from transfers during the 2012 financial year.
The benchmarking report was compiled with data sourced from all 237 clubs in anticipation of a full report later in 2013.
Michel Platini, the president of Uefa, is confident that clubs are finally being brought into line with regard to their fiscal responsibility.
"I am pleased to report that after some difficult years there are some encouraging signs that club owners are taking their responsibilities seriously with the first improvement in club profitability reported for many years as the final requirements of FFP enter into force," he said.