Manchester United have regained their place as the world's most valuable football club according to the latest edition of the Forbes rich list.
The Red Devils are deemed to be worth £2.86bn by the business magazine, moving ahead of Real Madrid to top the rankings for the first time in five years.
Forbes's calculations - which are based on equity plus net debt, revenues and operating income for the 2015-16 season - have United generating £592m during the previous campaign.
Madrid, who had been top since 2013, slip down to third in the rankings with an overall worth of £2.77bn, while their Spanish rivals Barcelona are in second on £2.82bn.
Bayern Munich (£2.1bn) and Manchester City (£1.61bn) make up the top five in the list.
"Manchester United's return to the top spot is a testament to their powerful brand and marketing acumen," said Forbes Media assistant managing editor Mike Ozanian.
Six of the top 10 most valuable clubs in world football are from the Premier League, with Arsenal, Chelsea and Liverpool in sixth, seventh and eighth respectively, and Tottenham Hotspur ranking 10th above the likes of Paris Saint-Germain, Borussia Dortmund and Atletico Madrid.
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