Real Madrid has been named the most valuable football club in Europe overtaking Manchester United, according to KPMG.
Based on the 2016-17 and 2017-18 seasons, KPMG studied the "enterprise value" of Europe's top 32 clubs, based on profitability, broadcasting rights, fan base, stadium value and on-the-pitch performance potential.
Real Madrid, which won the Champions League in both of the seasons studied, was valued at €3.224 billion (£2.91bn) ahead of Manchester United, which was given a value of €3.207bn.
With Chelsea, Liverpool, Manchester City, Arsenal and Tottenham Hotspur joining Man Utd, English clubs occupy six of the top 10 places. In total, nine of the 32 clubs were from the Premier League, more than any other league.
The report also revealed that global value of the football industry has grown by 9% over the past year. Andrea Sartori, KPMG's global head of sports, said: "The overall enterprise value of the top 32 clubs is driven primarily by an aggregate 5% increase in total operating revenues.
"On the other hand, staff costs continued to grow too, with the average staff costs-to-revenue ratio of the top clubs increasing by four percentage points, up to 63%."
He added: "At league level, the English Premier League has confirmed its absolute dominance, having nine clubs in the top 32 and accounting for 43% of the total aggregate value."
- Real Madrid - €3.224bn
- Manchester United - €3.207bn
- Bayern Munich - €2.696bn
- Barcelona - €2.676bn
- Manchester City - €2.460bn
- Chelsea - €2.227bn
- Liverpool - €2.095bn
- Arsenal - €2.008bn
- Tottenham - €1.697bn
- Juventus - €1.548bn