Manchester United is the most valuable football club in Europe, being worth about 3bn euros (£2.6bn), according to business services group KPMG.
The Europa League winners top KPMG's analysis of top sides' "enterprise value", putting it ahead of Spanish giants Real Madrid and Barcelona.
The study analysed broadcasting rights, profitability, popularity, sporting potential and stadium ownership.
In the study of 32 teams, English clubs dominate, filling six top 10 places.
Andrea Sartori, KPMG's global head of sports and the report's author, said the overall value of the football industry had grown over the past year.