Real Madrid has been named the world's richest football club for the 11th year in a row by Deloitte.
Based on revenues from the 2014/15 season, the Spanish giants generated revenues of €577 million (£439m) following a €27.5m rise, nearly €23m of which was commercial.
Madrid's La Liga rivals Barcelona climbed one place to second with revenues of €560.8m, pushing Manchester United down to third. Despite falling, the Manchester club was still the richest Premier League club at €519.5m.
French champions Paris Saint Germain was placed fourth with revenues of €480.8m, while German champions fell to fifth - their lowest position since 2006/07.
Premier League clubs dominated the top 20; Manchester City, Arsenal, Chelsea and Liverpool all featured in the top 10, while Tottenham, Newcastle United, Everton and perhaps surprisingly West Ham featured in the top 20.
Combining all 20 clubs, Deloitte said the overall wealth grew by 8% from the previous seasons to a new record of €6.6 billion (£5.1bn). It pointed out that the figures do not include club debt.
Tim Bridge, senior manager at Deloitte, said: "Despite a reduction in revenue year-on-year, the fact that Manchester United remain in the top three of the Money League demonstrates the underlying strength of the club's business model.
"The return to Champions League football, as well as the commencement of a number of significant commercial partnerships, will only strengthen the business in 2015-16.
"With this in mind, it would not be surprising to see United top next year's Money League for the first time in 12 years, with the club forecasting revenues of around £500m (around €650m)."
Dan Jones, partner in the Sports Business Group at Deloitte, said: "The 2014-15 Money League has been another year of growth for the big five European leagues.
"However, we have also seen a slowdown of growth from the top five clubs, with revenues growing by just 4% year on year, compared to 11% in the previous edition.
"It may be hard for new clubs to break into the top 10 in the short term, given the €43.3m revenue gap between 10th and 11th place."