Manchester United remain the most valuable club in Europe according to the latest study of leading teams.
The report looked at the finances of 32 clubs based on their popularity on social media channels, aggregate operating revenues over three seasons and success in European competitions.
The clubs were then ranked by 'enterprise value' - an accounting measure used to assess how much it would cost to buy any given club or company as it includes total debt, with professional services firm KPMG using its own formula.
For the period covered by the KPMG study, as at January 1, 2018, Manchester United came out on top of the most prominent European football clubs.
United's enterprise value sees them again rank ahead of both Spanish giants Real Madrid and Barcelona, extending their lead with a year-on-year growth of five per cent.
The Premier League club top the list at €3.255 billion (£2.92bn), with Real Madrid at €2.92bn (£2.62bn) edging out Barcelona at €2.783bn (£2.49bn).
Germany's Bayern Munich are fourth (€2.552bn/£2.29bn) ahead of Manchester City (€2.16bn/£1.93bn), the Etihad club seeing a nine per cent increase in year-on-year growth.
The financial muscle of Premier League clubs is shown with Arsenal (€2.102bn/£1.88bn), Chelsea (€1.765bn/£1.58bn), Liverpool (€1.580bn/£1.415bn) and Tottenham (€1.3bn/£1.16bn) all in the top 10.