Two non-top flight clubs make the top 50, as do the Hornets, who kick off our countdown of the most valuable brands in world football. The presence of Watford demonstrates the Premier League's power – take a look at the full top 50 list by clicking the arrow above, right, and see below for an explanation of how the Brand Finance Football 50 is compiled.
Brand Finance say: "Borussia Mönchengladbach has been a revelation over the past two seasons.