Manchester United have been named the most valuable club in Europe – and, by extension, the world – by business services group KPMG.
Its second annual study on football's elite placed the "enterprise value" of the Europa League winners at over €3 billion (£2.6bn).
The Lancashire side became the first club to surpass the €3bn threshold, topping the list ahead of the two Spanish giants.
Manager Jose Mourinho of Manchester United celebrates with Valencia after the UEFA Europa League Final.
Picture by: NurPhoto/SIPA USA/PA Images
Real Madrid, who had been tied at the summit with Man United last year, placed second with a mid-point value of €2.9bn, while Barcelona took bronze with €2.7bn.
German champions Bayern Munich are the next name up (€2.4bn), though the rest of the top 10 is dominated by cash-rich Premier League clubs.
Indeed, England casts a financial shadow over the rest of the list, accounting for roughly 40% of the aggregate enterprise value for the second year in a row.
Moreover, as a result of the broadcasting agreement which has started this season, their position is expected to be even more prominent in next year’s report.
The Premier League sides, already enjoying significantly higher broadcasting revenues than their peers, now occupy six spots as a result of Tottenham Hotspur FC’s rise to 10th place, replacing Paris Saint-Germain FC.
Juventus, Real's opponents in this Saturday's Champions League final, are ranked ninth with the Italian champions valued at €1.2bn.
Leicester city's fairytale 2015/16 season which saw them crowned champions of England last year meant they enter the Football Clubs’ Valuation: The European Elite 2017 list at a "remarkable" 16th position.
Andrea Sartori, KPMG’s Global Head of Sports and the report’s author, commented:
"The aggregate value of Europe’s 32 leading football clubs suggests that the overall value of football, as an industry, has grown.
"While this is partially explained by football’s broadcasting boom, the internationalization of the clubs’ commercial operations, their investment into privately-owned and modern facilities, and overall more sustainable management practices, are also key reasons for this growth.”
Sartori continued:
“In terms of media rights value, the English Premier League sits comfortably at the top of European leagues, although other major leagues have outlined well-defined strategies to compete for the attention of global fans.
"However, unlike other factors, individual club’s ability to influence their broadcasting income is often limited, despite the very evident impact this revenue stream has on their enterprise value.”
Only six clubs out of 32 (Ajax, PSV Eindhoven, Benfica, Porto, Fenerbahçe and Galatasaray) do not play in one of Europe's "Big Five" leagues, and these clubs only account for approximately 5% of the total enterprise value of the 32 clubs evaluated.
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