Manchester United have retained their place in Forbes' list of the top-five most valuable sports teams in the world.
The Red Devils, who were ranked first in 2011 and 2012, boast a value of £2.5bn - enough to keep them above NFL side New England Patriots (£2.4bn) and NBA outfit New York Knicks (£2.2bn).
Real Madrid have slipped from top spot down to second following a three-year spell at the summit, despite seeing their value rise by 12.5% to £2.75bn.
The accolade of world's most valuable side now belongs to NFL giants Dallas Cowboys, who have climbed one place since 2015 with an estimated value of £3bn.
Barcelona and New York Yankees complete the top five, meanwhile, with respective valuations of £2.6bn and £2.5bn.
It is the first time since 2011 that a soccer team has not topped the list.
