British Premier League team Manchester United has retained its title of Europe's most valuable football club.
According to the business services group KPMG, the red devils are worth an estimated 3.25 billion euros, ahead of Spanish top clubs Real Madrid and Barcelona, and well in front of regional rival Man City, who come in at 2.16bn euros.
German club Bayern Munich are worth an estimated 2.55bn euros, putting them fourth in the table.
The evaluations are based on the seasons 2015-16 and 2016-17 and take into account profitability, broadcasting rights, popularity, sporting potential and stadium value.
Champions League finalists Liverpool, also in the north west of England, came in at eighth place in out of the 32 clubs analysed.
Premier League clubs took six of the top 10 places.
KPMG said the overall value of the football industry has grown over the past year.