Real Madrid top Forbes list, Arsenal surge

Business publication Forbes have released their 13th annual list, with Champions League finalists Madrid now judged to be worth $3.65 billion, an increase on their $3.26bn from last year's list.

Barcelona are not far behind, with their value $3.56bn, while Premier League side Manchester United remain third on $3.32bn.

German champions Bayern Munich stay fourth with their worth now up to £2.68bn, while Arsenal have jumped from seventh to fifth after their value surged from $1.31bn up to $2.02bn over the last year.

Manchester City ($1.92bn) drop to sixth, while Chelsea ($1.66bn) slip to seventh due to the Gunners' rise and Liverpool ($1.55bn) stay eighth.

Serie A winners Juventus are ninth on $1.3bn, while Tottenham ($1.02bn) replace AC Milan ($825m) – who drop to 12th – as the sixth English club inside the top 10.

Borussia Dortmund ($836m) are 11th and French champions Paris Saint-Germain ($814m) have dropped a place to 13th. Schalke stay 14th on $655m, while Atletico Madrid ($633m) are in 15th position.

Recently relegated Newcastle United ($383m) make the top 20 as they sit below Inter ($559m), West Ham ($542m), Roma ($508m) and Napoli ($396m).

Real Madrid's standing as football's most valuable team places them second in the sporting world, with only NFL team the Dallas Cowboys ($4bn) rated higher.

Forbes' 20 most valuable teams in world football:

1. Real Madrid $3.65bn 2. Barcelona $3.56bn 3. Manchester United $3.32bn 4. Bayern Munich $2.68bn 5. Arsenal $2.02bn 6. Manchester City $1.92bn 7. Chelsea $1.66bn 8. Liverpool $1.55bn 9. Juventus $1.3bn 10. Tottenham $1.02bn 11. Borussia Dortmund $836m 12. AC Milan $825m 13. Paris Saint-Germain $814m 14. Schalke $655m 15. Atletico Madrid $633m 16. Inter $559m 17. West Ham $542m 18. Roma $508m 19. Napoli $396m 20. Newcastle $383m