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Reigning Spanish champions Real Madrid has been valued at $3.3 billion by Forbes magazine, ending the $3.2 billion worth Manchester United's nine-year reign at the top of the magazine's annual list of the most valuable football teams in the world.
Barcelona are valued third, at $2.6 billion, Arsenal fourth at $1.33 billion, while German side Bayern Munich complete the top five with a valuation of $1.31 billion in the list.
In coming to its figures, Forbes looks at a football club's various revenue streams, such as television money, ticket sales, merchandise and concessions.
Check out Forbes' 10 most valuable soccer clubs in the world
Real Madrid
Owner: Club supporters
Value: $3.3 billionManchester United
Owner: Glazer family
Value: $3.2 billion
FC Barcelona
Owner: Club supporters
Value: $2.6bn
Arsenal FC
Owner: Arsenal Holdings plc
Value: $1.33bn
Bayern Munich
Owner: Club supporters
Value: $1.31bn
AC Milan
Owner: Silvio Berlusconi
Value: $945m
Chelsea
Owner: Roman Abramovich
Value: $901m
Juventus
Owner: Agnelli family
Value: $694m
Manchester City
Owner: Sheikh Mansour bin Zayed Al Nahyan
Value: $689mLiverpool
Owner: John Henry
Value: $651m