Real Madrid and Manchester United have been rated as the most valuable clubs in the world in an annual study by auditing giant KPMG.
“Football Clubs’ Valuation: The European Elite” estimated Madrid and United as being worth €2.9 billion at the end of the 2015-16 season.
Barcelona are third, valued at €2.8bn, ahead of Bayern Munich, rated at €2.2bn.
Arsenal (€1.7bn) complete the top five, with the next three places occupied by Manchester City (€1.6bn), Chelsea (€1.5bn) and Liverpool (€1.3bn).
Juventus, worth €983 million, and Paris Saint-Germain (€843m) complete the top 10.