Real Madrid have overtaken English Premier League giants Manchester United in the Forbes list of world's most valuable soccer teams.
United fall down to second for the first time since Forbes started producing the list in 2004.
Barcelona are third on the list, with Arsenal fourth and German champions Bayern Munich fifth.
Real top the list with a value of $3.3 billion (£2.15 billion), with United valued at $3.165 billion (£2.07 billion).
"This is the first time since Forbes began valuing soccer teams in 2004 that Manchester United is not No.1 on the list," Forbes said in a statement.
"Real Madrid has been consistently delivering the highest revenues of any soccer team in the world, despite an intense economic meltdown in Spain.
"With superstars like Cristiano Ronaldo on the pitch, and coach Jose Mourinho on the bench, Real Madrid has thrived under the leadership of billionaire president Florentino Perez.
"According to this year's soccer valuations, the top 20 teams are worth an average of 968 million dollars (£634m), an increase of 26% over last year.
"Forbes' team values are enterprise values (equity plus debt) that are based on multiples of revenue that teams garner from television, premium seating, media, licensing, merchandise and concessions."
Barcelona are well behind on $2.6 billion (£1.7 billion), with Arsenal further behind on $1.3 billion (£852 million).
AC Milan are sixth, with Chelsea, Juventus, Manchester City and Liverpool rounding off the top ten.
In the highest earning players list, David Beckham continues to rule, with an annual income of $50.6 million (£33.1 million), $44.1 million (£29 million) of which comes from endorsements.
Beckham is followed by Real Madrid superstar Cristiano Ronaldo, who earns $43.5 million (£28.5 million) annually, with Barcelona talisman Lionel Messi third, on earnings of $40.3 million (£26.4 million).
Manchester City striker Sergio Aguero ($20.8 million, £13.6 million) and Manchester United forward Wayne Rooney ($20.3 million, £13.3 million) complete the top five.
For the entire list of Forbes Most Valuable teams, click here.
For the entire list of Forbes Best Paid Players, click here.
