Manchester United have overtaken Real Madrid as the world’s most valuable football team, according to business magazine Forbes.
United were valued at $3.69bn (£2.86bn) and returned to the top of the annual list for the first time in five years.
Spanish club Barcelona were second with a worth of $3.64bn (£2.82bn) as Real $3.58bn (£2.77bn) went down to third.
Real, who won the Champions League and Spanish title, had been top for the past four years but saw their value drop by 2% as United’s went up by 11%.
“Manchester United’s return to the top spot is a testament to their powerful brand and marketing acumen,” Forbes Media assistant managing editor Mike Ozanian said in a statement.
Leicester, who won the English Premier League in 2015-16, were 19th and West Ham 15th.
Forbes’ top 20 most valuable football teams
- 1. Manchester United $3.69bn (£2.86bn)
- 2. Barcelona $3.64bn (£2.82bn)
- 3. Real Madrid $3.58bn (£2.77bn)
- 4. Bayern Munich $2.71bn (£2.1bn)
- 5. Manchester City $2.08bn (£1.61bn)
- 6. Arsenal $1.93bn (£1.5bn)
- 7. Chelsea $1.85bn (£1.43bn)
- 8. Liverpool $1.49bn (£1.15bn)
- 9. Juventus $1.26bn (£976m)
- 10. Tottenham $1.06bn (£821m)
- 11. Paris St-Germain $841m (£652m)
- 12. Borussia Dortmund $808m (£626m)
- 13. AC Milan $802m (£621m)
- 14. Atletico Madrid $732m (£567m)
- 15. West Ham $634m (£491m)
- 16. Schalke 04 $629m (£487m)
- 17. Roma $569m (£441m)
- 18. Inter Milan $537m (£416m)
- 19. Leicester City $413m (£320m)
- 20. Napoli $379m (£294m)