Real Madrid has overtaken Manchester United and been named most valuable European football club, being worth about €3.22bn (£2.91bn), says KPMG.
The Spanish club tops KPMG’s study of top sides’ “enterprise value”.
The report, based on the 2016-17 and 2017-18 seasons, studied profitability, broadcasting rights, popularity, sporting potential and stadium value.
Champions League finalists Liverpool and Spurs are in seventh and ninth places in the rankings.
And Europa League finalists Chelsea and Arsenal are in sixth and eighth spots.
Manchester City is in fifth place, meaning there are a total of six English clubs in the top 10.
Real Madrid won the Champions League during the two seasons which the data covers. increasing its enterprise value by 10%.