The Dallas Cowboys have overtaken Real Madrid as the most valuable sports franchise of 2016, according to Forbes' annual list.
The NFL franchise's rise to the top is based on a 25 percent increase in value to $4 billion, with Madrid — which had been first in each of the last three years — second with $3.65 billion after a 12 percent appreciation.
It's the first time since Forbes began its list in 2011 that Manchester United or Real Madrid wasn't ranked at the top.
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Barcelona moved up from fourth to third at $3.