Manchester United have overtaken Real Madrid as the world’s most valuable football team for the first time in five years, with the club now worth £2.86bn.
The Europa League winners lead the way over La Liga rivals Barcelona and Real Madrid, who drop to third after winning a Champions League and La Liga double.
According to the US business magazine, Barcelona have a current value of £2.82bn and Real, who were ranked first for the past four years, are worth £2.77bn.
Rounding out the top five are Bayern Munichat £2.10bn and Manchester City, who have moved above Arsenal, at £1.61bn.
Six Premier League teams feature in the top 10, with United, City and the Gunners joined by Chelsea,Liverpool and Tottenham. The other is Serie A giants and Champions League finalists Juventus.
Manchester United generated revenues of £593m during the 2015-16 season, some £60m more than both Barcelona and Real Madrid.
They are also by far the most profitable football club in the world, posting operating income of £223m – £83m more than runners-up Real Madrid.
“Manchester United’s return to the top spot is a testament to their powerful brand and marketing acumen,” said Mike Ozanian, assistant managing editor at Forbes Media.
Leicester, who won the English Premier League in 2015-16, were 19th and West Ham 15th.
Forbes’ top 20 world’s most valuable football teams:
1) Manchester United – US$3.69bn (£2.86bn)
2) Barcelona – $3.64bn (£2.82bn)
3) Real Madrid – $3.58bn (£2.77bn)
4) Bayern Munich – $2.71bn (£2.10bn)
5) Manchester City – $2.08bn (£1.61bn)
6) Arsenal – $1.93bn (£1.50bn)
7) Chelsea – $1.85bn (£1.43bn)
8) Liverpool – $1.49bn (£1.15bn)
9) Juventus – $1.26bn (£980m)
10) Tottenham – $1.06bn (£820m)
11) Paris St-Germain $841m (£652m)
12) Borussia Dortmund $808m (£626m)
13) AC Milan $802m (£621m)
14) Atletico Madrid $732m (£567m)
15) West Ham $634m (£491m)
16) Schalke 04 $629m (£487m)
17) Roma $569m (£441m)
18) Inter Milan $537m (£416m)
19) Leicester City $413m (£320m)
20) Napoli $379m (£294m)