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Sterling drop helps Barca skip Devils in Euro rich list

Manchester United have dropped to third place behind Real Madrid and Barcelona in the rich list of European clubs.

The Deloitte Football Money League sees the two Spanish clubs secure the top spots but is mainly due to the decline of the pound against the euro.

Real have topped the list for the past five years but Barca's success last season, when they won five trophies, has seen them overtake the Red Devils despite a 9pc income rise at Old Trafford.

The overwhelming dominance of Real and Barcelona in Spain is shown by the fact that no other La Liga side occupies a top-20 place, while there is a sprinkling of Italian and German clubs, with Bayern Munich in fourth.

The two Spanish giants have one big advantage in revenue terms: they negotiate their own individual TV rights while the Premier League has a collective deal which is shared much more equally among all 20 clubs.

The most notable change in the list, based on clubs' revenue excluding transfer fees, sees Arsenal leapfrog Chelsea -- the Gunners recording a 7pc rise in revenue to £224m compared to Chelsea's £206m, a 3pc fall.

Dan Jones, a partner in Deloitte's sports business group, said: "Chelsea's revenue has dropped because ... they had frozen season ticket prices and there was not a lot going on in big commercial developments.

"Arsenal have the advantage in matchday income with a new 60,000-seater stadium and they made the semi-finals of both the Champions League and FA Cup.

"English clubs were impacted by the continuing depreciation of the pound against the euro."

Liverpool rose a place to seventh above AC Milan. Seven English sides are in the top 20 -- Tottenham are 15th, Manchester City 19th and Newcastle 20th.

Deloitte Football Money League: 2008-09 revenue (last year's position in brackets)

1 (1) Real Madrid £341.9m

2 (3) Barcelona £311.7m

3 (2) Man Utd £278.5m

4 (4) Bayern Munich £246.6m

5 (6) Arsenal £224.0m

6 (5) Chelsea £206.4m

7 (8) Liverpool £184.8m

8 (11) Juventus £173.1m

9 (10) Internazionale £167.4m

10 (7) AC Milan £167.4m

11 (15) Hamburg £124.9m

12 (9) Roma £124.7m

13 (12) Lyon £118.9m

14 (16) Marseille £113.5m

15 (14) Tottenham £113.0m

16 (13) Schalke £106.0m

17 (n/a) Werder Bremen £97.7m

18 (20) B Dortmund £88.1m

19 (n/a) Man City £87.0m

20 (17) Newcastle £86.0m