Real Madrid have edged Barcelona to be ranked as world football's most valuable team for a fourth consecutive year, while Arsenal have climbed into the top five.
Business publication Forbes have released their 13th annual list, with Champions League finalists Madrid now judged to be worth $3.65 billion, an increase on their $3.26bn from last year's list.
Barcelona are not far behind, with their value $3.56bn, while Premier League side Manchester United remain third on $3.32bn.
German champions Bayern Munich stay fourth with their worth now up to £2.68bn, while Arsenal have jumped from seventh to fifth after their value surged from $1.31bn up to $2.02bn over the last year.
Manchester City ($1.92bn) drop to sixth, while Chelsea ($1.66bn) slip to seventh due to the Gunners' rise and Liverpool ($1.55bn) stay eighth.
Serie A winners Juventus are ninth on $1.3bn, while Tottenham ($1.02bn) replace AC Milan ($825m) – who drop to 12th – as the sixth English club inside the top 10.
Borussia Dortmund ($836m) are 11th and French champions Paris Saint-Germain ($814m) have dropped a place to 13th. Schalke stay 14th on $655m, while Atletico Madrid ($633m) are in 15th position.
Recently relegated Newcastle United ($383m) make the top 20 as they sit below Inter ($559m), West Ham ($542m), Roma ($508m) and Napoli ($396m).
Real Madrid's standing as football's most valuable team places them second in the sporting world, with only NFL team the Dallas Cowboys ($4bn) rated higher.
Forbes' 20 most valuable teams in world football:
1. Real Madrid $3.65bn
2. Barcelona $3.56bn
3. Manchester United $3.32bn
4. Bayern Munich $2.68bn
5. Arsenal $2.02bn
6. Manchester City $1.92bn
7. Chelsea $1.66bn
8. Liverpool $1.55bn
9. Juventus $1.3bn
10. Tottenham $1.02bn
11. Borussia Dortmund $836m
12. AC Milan $825m
13. Paris Saint-Germain $814m
14. Schalke $655m
15. Atletico Madrid $633m
16. Inter $559m
17. West Ham $542m
18. Roma $508m
19. Napoli $396m
20. Newcastle $383m
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