The report's compilation was overseen by Dr Steve Kelly from the University of Huddersfield, an expert in sports and club finance and structures.
Manchester City came out top with ressurgent Wigan, second. ING places QPR, who just avoided relegation, at the bottom of the table.
Second bottom were Liverpool, whose eighth-place finish in the top flight, Carling Cup triumph and FA Cup final place were not enough to counteract a high season ticket cost and poor scoring record.
And Wolves found themselves in both the official and value relegation zones.
The value league was compiled by comparing season ticket prices with points earned, and with a bonus for goals scored, deemed to affect fans' enjoyment of the game.
Just under half of fans felt they received good value for money in the 2011-12 season just ended, and as a result are seriously thinking about whether or not to renew their season ticket for the next campaign.
However it seems that clubs are listening to their concerns, with more than half of Premiership teams (12 of the 20) freezing or lowering their season ticket prices this year in an attempt to retain fans.
They can of course afford to do that unlike lower league clubs. Ticket income gets relatively less important in the Premier League with so much more money coming from other sources like TV and other media rights.
Hardly a surprise then, that relegated Blackburn Rovers have the most disgruntled fans - many of whom have staged protests in the past season against Indian owners Venky's and manager Steve Kean - with more than half of ticket holders (56%) saying they will not renew.
Aston Villa, who just dodged relegation and recently sacked manager Alex McLeish, had a third of fans (31%) saying they planned to cancel their tickets. But this seems more about what's happening on the pitch than cost.
Two-thirds of supporters (67%) also say that a wage cap for Premier League footballers would be a positive move.
Arsenal captain Robin Van Persie topped the "best value player" poll, followed by Newcastle United striker Demba Ba and Tottenham's Scott Parker.
ING Direct 'Football Value League'
1. Man City
3. West Brom
4. Man Utd