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Real Madrid and Manchester United have been rated as the most valuable clubs in the world in an annual study by auditing giant KPMG.
"Football Clubs' Valuation: The European Elite" estimated Madrid and United as being worth €2.9 billion at the end of the 2015-16 season.
Barcelona are third, valued at €2.8bn, ahead of Bayern Munich, rated at €2.2bn.
Arsenal (€1.7bn) complete the top five, with the next three places occupied by Manchester City (€1.