The outcome of Manchester City’s legal challenge against the Premier League could be bad news for Arsenal, far more so than Chelsea and Liverpool.

Some of City’s rivals will face repercussions after an independent commission ruled that the Premier League's exempting interest-free shareholder loans from associated party transaction (APT) rules was unlawful.

Clubs with large interest-free loans from shareholders could be hit hard because they face commercial interest rates being placed on such loans for PSR calculations.

Arsenal have £258million in shareholder loans, working out to £62.5m of their PSR calculation. Chelsea took out £146m in shareholder loans in the first year of the Todd Bohely-Clearlake ownership, while Liverpool have £137m in shareholder loans.

The Premier League has confirmed any commercial interest rates will only apply to loans provided after the rules are changed, but City are expected to challenge that.

“Arsenal would be the most significantly impacted London club,” football finance expert Kieran Maguire told Standard Sport.

“Chelsea would be slightly impacted. Tottenham not at all - they had borrowed money from ENIC historically, but there is none outstanding at present.

“I think the big issue for all clubs is realistically the Premier League can only push the ATP rules through if loans are brought into the equation.”

The Premier League is set to hold an emergency meeting next week, with clubs effectively in civil war. In order to change the rules, the Premier League will need 14 clubs to vote in favour.

Monday’s judgement revealed Arsenal, Liverpool, Manchester United and West Ham were among the clubs that had given evidence for the Premier League in their legal battle with City. Letters in support were written by Brentford, Bournemouth, Fulham and Wolves. Chelsea, Newcastle and Everton all acted as witnesses for City.

The ruling means City can now strike more lucrative deals with associated parties including with Etihad, their stadium and shirt sponsor, as might other clubs not reliant on shareholder loans.

City have also suggested they could look to seek damages based on the panel's decision.

Everton (£451m) and Brighton (£373m) have the biggest shareholder loans in the Premier League, ahead of Arsenal in third.

Other clubs with significant shareholder loans include Brentford (£61m) and Crystal Palace (£38m).