Manchester United have lost the number one spot in the Forbes list of most valuable football clubs to Real Madrid .
United had held top spot since business analyst Forbes started compiling the list in 2004 but have been overtaken by Real.
Barcelona are in third place and Arsenal fourth ahead of Bayern Munich in fifth place.
Real Madrid are valued at £2.15 billion ($3.3billion), making the Spanish club the most valuable sports franchise in the world, and United at £2.07billion.
Forbes said in a statement: "This is the first time since Forbes began valuing soccer teams in 2004 that Manchester United is not No.1 on the list.
"Real Madrid has been consistently delivering the highest revenues of any soccer team in the world, despite an intense economic meltdown in Spain. With superstars like Cristiano Ronaldo on the pitch, and coach Jose Mourinho on the bench, Real Madrid has thrived under the leadership of billionaire president Florentino Perez.
"According to this year's soccer va...