CELTIC have risen five places in the annual Brand Finance Football 50 rankings to 37th spot – but still lag behind Premier League clubs Bournemouth, Burnley, Watford and Wolves.

The Parkhead club have moved up the annual list produced by international brand valuation consultancy firm Brand Finance due to their improved financial performance and continued sporting success.

The Glasgow club's brand value has increased by 28 per cent to £125m in the last 12 months and they now have a Brand Strength Index (BSI) score of 70.16 out of 100 as well as a AA brand rating.

Celtic increased their revenue by around €10 million euros thanks to rises in match day earnings as well as takings from broadcasting and commercial revenue.

Meanwhile, Real Madrid have deposed Manchester United as the club with the most valuable brand in the annual Brand Finance Football 50 ranking.

With a brand value of €1.646bn, the Spanish giants are ahead of a peer group of €1bn-plus brands that includes Manchester United (€1.472bn), Barcelona (€1.393bn), Bayern Munich (€1.314bn), Manchester City (€1.255bn), and Liverpool (€1.191bn).

The club’s brand value has grown 27% since last year, an increase partly attributable to the club winning a fourth UEFA Champions League in five years in 2018.

The club became the first in the world to break the €750m barrier in revenues in the 2017/18 season.

Their commercial monies totalled €356m, close to 50% of overall revenues, making them the highest generator of cash from this income stream.

Real Madrid also possesses the strongest football club brand, with a BSI score of 95.5 out of 100, marginally ahead of their fierce rivals Barcelona (BSI 95.4).

Brand Finance director Bryn Anderson said: “Real Madrid have shown this year who truly reigns supreme in the world of football.

They triumph not only as the most valuable and strongest brand but their enterprise value and stadium are also ranked second to none. The most successful club in the history of European football is finally reaping the benefits of decades of spectacular on and off-pitch performance.”

Manchester United’s value declined for the first time since 2016, from €1.562bn last year to €1.472bn (a six per cent drop) in 2019 as a result of their continued struggles on the field.

But English clubs dominate the rankings with no fewer than 17 entrants thanks to the Premier League being the most widely followed league across Europe.

Liverpool and Tottenham Hotspur, who have both reached the Champions League final, have improved their brand value by 20 per cent to €1.191bn and €758m respectively - the highest growth rates in the top 10 after Real Madrid’s 27 per cent and Paris Saint-Germain’s 21 per cent.

Wolves, who returned to the Premier League in 2018 after an absence of six seasons, are placed 28th in the table. Meanwhile, Watford, Burnley and Bournemouth are 31st, 32nd and 34th respectively.

Wolves are owned by Fosun International, which has close links with high-profile agent Jorge Mendes.

The Premier League’s television broadcasting revenues of €2.9bn are significantly more than other major European leagues – La Liga only received €1.2bn in 2017.

Their commercial revenues are more than double the income of Serie A or Ligue 1.

The Premier League is also the most widely followed league across according to Brand Finance’s original fan research.

It was deemed to have a “superior atmosphere” and a “greater level of competitiveness” than other national competitions.

However, La Liga was believed to have more “star players” and “world class clubs” than the Premier League.