According to KPMG's new analysis, Real Madrid has overtaken Manchester United as Europe's most valuable club.
After winning three Champions League trophies in a row, the Spanish giants were propelled to the top of the list by increasing commercial revenue.
The "enterprise value" of Real Madrid grew by 10% to €3.22bn (£2.84bn) at the beginning of 2019, while the value of Manchester United fell by 1% to €3.21bn (£2.83bn), according to the analysis.
Since 2008, the Old Trafford club has not won the Champions League and since Sir Alex Ferguson's departure in 2013 has dismissed a succession of managers.
KPMG's list analyzes 38 top European football clubs ' publicly available financial statements and does not include any impact of the 2018/19 season that has just ended.
Third place goes to Bayern Munich, overtaking Barcelona which has slipped to fourth-weighed down by an increasingly burdensome wage bill.
After that, English teams dominate the top 10, with Manchester City champions valued at € 2.46 billion (£ 2.17 billion) in fifth place, followed by Chelsea, Liverpool, Arsenal and Tottenham.
According to the analysis, the 10th richest club is the Juventus of Italy.
Also included in KPMG's list are Leicester City and West Ham, 16th and 17th, and Everton 20th.
Celtic, 30th, becomes Scotland's first club to join the top 32 in four years of analysis, valuing € 252 million (£ 222 million).
KPMG noted that over a period when Europe's benchmark stock market index fell 13 percent, the combined value of the 32 leading teams had risen by 9 percent.
Andrea Sartori, KPMG's global sports leader and the report's author, said it showed the pace the football industry was developing at.
He said the "transition of major clubs into media and entertainment companies with global brand exposure" helped "create more stable and predictable cash flows" making them better bets for investors and lenders.
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