Manchester United has been ranked the world’s most valuable football club for the fourth straight year with a value of £897 million (€1,333m), according to Forbes magazine.
Spain's Real Madrid was in second place with a valuation of £640 million (€951m) although the Spanish club's estimated operating income was marginally ahead of United's on €83 million, compared with €82 million for the Manchester based-club.
Four of the clubs in the top ten are from the English Premier League with Arsenal ranked in 3rd place on £598 million (€888m); Liverpool 4th on £523 million (€777m) and Chelsea in 8th on £381 million (€566m).
The completion of Arsenal's Emirates Stadium in 2006 at a cost of £433 million with its capacity of 60,432 has significantly strengthened the club's earning potential, generating £3 million per home game.
This exceeds the £2.5 million a game being generated at Old Trafford, despite it having a larger capacity at 76,000.
The magazine ranked British soccer star David Beckham, who plays for US Major League's Los Angeles Galaxy as the highest earning player on $49m. Beckham has previously played for both United and Real Madrid.
The Forbes valuation of teams is based on their merchandising sales in the past relative to sales and profits, broadcast agreements and debt from new and pending stadium deals.
Top ten
Manchester United England $1,800m
Real Madrid Spain $1,285m
Arsenal England $1,200m
Liverpool England $1,050m
Bayern Munich Germany $917m
AC Milan Italy $798m
Barcelona Spain $784m
Chelsea England $764m
Juventus Italy $510m
Schalke 04 Germany $470