Manchester United have dethroned Real Madrid at the top of the Deloitte Football Money League after generating record revenue in the 2015-16 financial year.
The Premier League giants made £515m in matchday sales, commercial deals and broadcast rights last season, which has pushed Madrid off the top spot for the first time in 11 years.
Barcelona and Madrid sit second and third respectively after both clubs accumulated £463.8m in revenue during that time.
Dan Jones, partner in the Sports Business Group at Deloitte, said: "In recent years, their ability to secure commercial partnerships with value in excess of that achievable by their peers has been the crucial factor in enabling the club to regain their place at the top of the money league.
"That said, they'll face strong competition from Barcelona and Real Madrid to retain the top spot in next year's edition, due to the lack of Champions League football, the weakening of the pound against the euro and, over the longer term, as other clubs enter the commercial market demanding similar deals, using United as the precedent."
Manchester City sit fifth in the table, behind Bayern Munich, while Arsenal, Chelsea and Liverpool reside seventh, eighth and ninth respectively.
Last year's Premier League champions Leicester City have broken into the top 20 of Deloitte's league for the first time having recorded revenue of £128m.
The top 20 have set a new record, with the combined revenue growing by 12% to £6.41bn.
