Real Madrid have retained their place as the most valuable football team, despite a drop in figures, according to Forbes magazine.
The reigning European champions have seen their value drop by five per cent, but they are still worth £2.13bn and their £489m in revenue is the highest of any sports team in the world.
Spanish rivals Barcelona are second in the 2015 list with a value of £2.07bn followed by the Premier League's most valuable team, Manchester United at £2.03bn.
Tottenham (13th), Newcastle (18th) and West Ham (19th) also make the top 20, which is rounded out by Turkish side Galatasaray.
Forbes' top 10 most valuable teams of 2015:
1 Real Madrid £2.13bn
2 Barcelona £2.07bn
3 Manchester United £2.03bn
4 Bayern Munich £1.54bn
5 Manchester City £905m
6 Chelsea £898m
7 Arsenal £859m
8 Liverpool £644m
9 Juventus £549m
10 AC Milan £508m
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