Manchester United continue to top the Forbes list as the most valuable football club in the world, but Real Madrid are gaining ground.
United also remain ranked as the most valuable team in any sport, worth $2.24bn (£1.4bn), $385m more than baseball's New York Yankees and the NFL's Dallas Cowboys.
Arsenal are fourth on the list, worth $1.29bn (£800m), behind Real Madrid ($1.6bn, or £1bn) and Barcelona (£816m) but just ahead of Bayern Munich (£766m).
The list ranks Chelsea in seventh place, worth £474m, and Liverpool eighth (£386m).
United's huge global fanbase, estimated by Forbes to number 330 million, has helped maintain the club's position at the top. However both Real Madrid and Barcelona have higher revenues than United, due in large part to the fact they have negotiated their own individual television rights deals for Spanish football.
The figures are also based on last year's financial results reflected United getting to the Champions League final.
Tottenham Hotspur are 11th on the list, valued at £351m, and Manchester City 13th, worth £276m.
United, meanwhile, have ruled out the prospect of joining the NextGen European Under-19 competition.
Arsenal and Chelsea have confirmed they will participate next season, when the league expands from 16 to 24 teams.
It takes to seven the number of British teams involved and means United are the only member of England's elite not to commit to the event given Manchester City, Liverpool and Tottenham were all involved in the debut season.
Celtic were Scotland's sole representatives last season and will continue to be so next term.
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