By Jonathan Davies
Manchester United has been named the world's most valuable football brand, by Brand Finance.
The Premier League club replaced German champions Bayern Munich at the top, despite not winning a trophy in the past two seasons.
Brand Finance said the Man United brand is worth $1.2 billion (£789m). It was joined by five other English clubs in the top 10.
Last year's most valuable football brand, Bayern Munich, slipped to second. Barcelona, who completed a treble in Saturday's Champions League victory over Juventus, fell two places to sixth. And despite going without a trophy this season, rivals Real Madrid beat them to third place at $773m. French champions Paris Saint-Germain came ninth.
Brand Finance said lucrative sponsorship deals with Chevrolet and Adidas will "will see both revenues and brand value continue to increase in the coming years".
"Even if recent reports of fan losses are to be believed, United retains legions of followers in India, South East Asia and China, contributing to a total of over half a billion individuals and the news certainly does not appear to have deterred sponsors," the report said.
It also pointed to the £5.1bn Premier League broadcast deal as part of the reason behind United's brand value rising 63% since 2014.