Manchester United remains the world's most valuable football club, according to Forbes magazine.
The study estimates the Premier League champions are worth £1.4bn, which puts them top of the list for the eighth year in a row.
Real Madrid are ranked second, valued at £1.17bn, while Barcelona are third with an estimated value of £816m.
Bayern Munich and Arsenal make up the top five in the rankings, with Chelsea and Liverpool ranked seventh and eighth respectively.
Tottenham Hotspur are just outside the top 10 in 11th place, with Manchester City up to 13th in the list.
Forbes rich list
- 1. Manchester United - $2.235bn (£1.396bn)
- 2. Real Madrid - $1.877bn (£1.17bn)
- 3. Barcelona - $1.307bn (£816m)
- 4. Arsenal - $1.292bn (£807m)
- 5. Bayern Munich - $1.235bn (£770m)
- 6. AC Milan - $989m (£615m)
- 7. Chelsea - $761m (£473m)
- 8. Liverpool - $619m (£385m)
- 9. Juventus - $591m (£367m)
- 10. Schalke 04 - $587m (£365m)
- 11. Tottenham Hotspur -$564m (£351m)
- 13. Manchester City - $443m (£275m)
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