FM 2013 also with FM 2014

How is estimated value of a club valued? I have been playing with chelsea for more than 25 years in the game but estimated is very less compared to PSG, Arsenal. I have won EPL and champions league almost every year. Is it because i used financial editor twice or is there any specific reason. Hopefully i get answer for this as this may also apply for FM 2014



regards
Shashank

Club balance is a huge factor in this too. Naturally if you spend a large amount of money on transfers every season, your club will have less money so the estimated value of the club won't increase.