Real Madrid ranked third most valuable football club

Real Madrid have dropped to third in the annual list of the most valuable football club released by foremost business magazine Forbes.

Despite Real Madrid's impressive run in the Champions League over the last two years, the club which was ranked number one for the past four years (2013-2016), fell to number three on the list. Madrid was valued at $3.58 billion.

Europa League winners Manchester United valued at $3.69 billion overtook Madrid to the first position. It is the first time the Manchester based club will top the Forbes ranking in five years.

Barcelona with a current value of $3.64 were second on the list. The top five is rounded up by Bayern Munich ($2.71 billion) and Manchester City ($2.08 billion.

Here's a list of the top 20 most valuable football teams as ranked by Forbes:

1. Manchester United $3.69bn
2. Barcelona $3.64bn
3. Real Madrid $3.58bn
4. Bayern Munich $2.71bn
5. Manchester City $2.08bn
6. Arsenal $1.93bn
7. Chelsea $1.85bn
8. Liverpool $1.49bn
9. Juventus $1.26bn
10. Tottenham $1.06bn
11. Paris St-Germain $841m
12. Borussia Dortmund $808m
13. AC Milan $802m
14. Atletico Madrid $732m
15. West Ham $634m
16. Schalke 04 $629m
17. Roma $569m
18. Inter Milan $537m
19. Leicester City $413m
20. Napoli $379m