Amsterdam football club Ajax is the financially healthiest club in Europe for the second year in a row.

The club heads the latest rankings from analysts S&P Capital IQ, who are particularly impressed by its cash position, the Financieele Dagblad reports.

Ajax earlier this year posted €86.6m in liquid assets and capital at nearly 70% of the total balance, putting them ahead of clubs such as Arsenal and Bayern München.

The analysis is based on 44 European clubs which gave sufficient financial information to S&P. Several big clubs and all the other Dutch clubs were not included.

However, the paper points out that it remains to be seen whether Ajax can retain its position after its poor performance last season.

On the Stoxx Europe Football Index, which is based on performance, Ajax lost 3.6% of its value this year.