The Gunners edged out north London rivals Tottenham and Liverpool to win the award. Their prize is a cash fund of £30,000 that can be used towards the club’s youth or community projects.
Arsene Wenger said: “As a club, Arsenal prides itself on values of fair competition and positive behaviour both on and off the pitch.
“We are pleased to be recognised with this award and look forward to using the funding to further support our important work with young people in the local community.”
For the second consecutive season, the fans of Norwich City won the award for the Best Supporters.
The Fair Play rankings are determined by delegates assessing every Premier League match, scoring points in categories such as positive play, red and yellow cards and respect towards the referees. Chelsea, Fulham and Swansea City have been recent winners of the award.
In some years, the highest-placed club in the Fair Play League who had not qualified for a UEFA competition would enter the Europa League if the national association is in UEFA’s top three fair play ranking.
Liverpool missed out, however, as England were fourth this season. Gefle of Sweden, Norway’s Tromso and Mariehamn from Finland took the three qualifying spots on offer.
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