Manchester United drop to fifth on Forbes list of most valuable sports teams
Real Madrid have topped Forbes' list of the world's most valuable sports teams for a third straight year.
The Spainish giants head the world rankings with a value of $3.26billion (£2.08billion), ahead of the Dallas Cowboys and New York Yankees - both valued at $3.20billion (£2.04billion).
Manchester United drop from third in 2014 to fifth but remain England's most valuable club at $3.10billion (£1.98billion), clear of Manchester City ($1.39billion or £890million) who are 29th overall, Chelsea ($1.37billion or £877million) who sit 31st and 36th-placed Arsenal ($1.31billion or £839million).
Fourth-placed Barcelona ($3.16billion or £2.02billion) complete the top five while American sports dominate the rest of the top 10.
The NBA's Los Angeles Lakers and New York Knicks, the New England Patriots and Washington Redskins of the NFL and baseball's Los Angeles Dodgers all make the top 10.
Ferrari ($1.35billion or £865million) rank 32nd, Europe's only non-football representative.
American business magazine Forbes has been valuing teams in the major sports leagues since 1998 and the average current value of a team on the list is $1.75 billion (£1.12billion), the highest ever, and a 31 per cent increase from last year.