Premier League title holders Manchester United have topped the Forbes rich list to be named as the world’s most valuable football club with a value of £1.19bn.
United are followed by Real Madrid at £859m and fellow Premier League Club Arsenal are third with a value of £767m.
The top twenty teams include six Premier League Clubs and Championship side Newcastle United despite being relegated last season.
The list compiles data on income streams including broadcasting rights, sponsorships, ticket sales and merchandising.
Although some of the Club values have increased by as much as 9% on last year, there has generally been a decrease with average worth falling by 8.5%. However with increasing revenue from sponsorship and media deals Michael Ozanian, national editor at Forbes, feels that "the news continues to be good for investors".