Real Madrid is the world’s most valuable football club by "enterprise value" according to auditing firm KPMG.
The Spanish side top the fourth annual list of the most valuable football clubs with KPMG estimating it is worth €3.22bn by enterprise value.
The report looked at several measures including the value of its broadcasting rights, popularity, profitability, sporting potential and its stadiums and studied the 2016-17 and 2017-18 seasons.
In second place was English side Manchester United which was valued at €3.207bn and German club Bayern Munich came third with €2.696bn.
The top ten football clubs by enterprise value
1. Real Madrid (Spain) - €3.22bn
2. Manchester United (UK) - €3.207bn
3. Bayern Munich (Germany) - €2.696bn
4. Barcelona (Spain) - €2.676bn
5. Manchester City (UK) - €2.460bn
6. Chelsea (UK) - €2.227bn
7. Liverpool (UK) - €2.095bn
8. Arsenal (UK) - €2.008bn
9. Tottenham Hotspur (UK) - €1.697bn
10. Juventus (Italy) - €1.548bn