Real Madrid was named the world's most valuable football club in Forbes' annual list on Thursday, ahead of Manchester United, Barcelona, Liverpool and Manchester City.
The business magazine assessed Madrid's value at $6.6 billion, just ahead of United's $6.55 billion.
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Despite its financial difficulties, Barcelona came in third place in the standings, with $5.6 billion, more than Liverpool's $5.37 billion.
Madrid topped the list for the third year in a row and the eighth time in 11 years.
Forbes uses “enterprise value” to rank clubs, which assesses the overall value of a company including its market value, debt and liquid assets, using figures from accounting firm Deloitte.
The magazine highlighted the Madrid club's record income of $873 million generated in 2022-23, the most of any team on the list, from broadcasts, commercial agreements and matchday income.
Twelve of the 30 teams on Forbes' list are Premier League clubs, with Tottenham, Chelsea and Arsenal also featuring in the top 10.
Atlético Madrid is the only other LaLiga team ranked in the top 30, in 13th place with a value of $1.3 billion.
Real Madrid's finances have been boosted by their success in the Champions League in recent seasons, winning the competition five times since 2014. They will face Borussia Dortmund in this year's final on June 1.
Forbes said the average team on the list was now worth $2.3 billion, up 5.1% from a year earlier, despite a challenging market for Bundesliga, Serie A and Ligue 1 broadcast rights with reductions in their most recent television deals.
