Real Madrid are the most valuable football team in the world, for a fourth year in a row, leading the way from their Catalan rival Barcelona, with Manchester United sitting in third place.

According to US business magazine Forbes, Real Madrid’s value stands at $3.645bn (£2.52bn) and their annual revenue is $694m (£480m), a slender advantage over Barcelona in both categories.

The study said Real Madrid ranked as the world’s second-richest sports team, behind only the Dallas Cowboys which it valued at $4bn (£2.77bn).

Forbes’ top 10 world’s most valuable football teams:

1 Real Madrid £2.52bn

2 Barcelona £2.46bn

3 Manchester United £2.3bn

4 Bayern Munich £1.85bn

5 Arsenal £1.4bn

6 Manchester City £1.33bn

7 Chelsea £1.15bn

8 Liverpool £1.07bn

9 Juventus £900m

10 Tottenham £704m