Manchester United remain the world's most valuable football club, according to Forbes business magazine.
The Premiership giants are worth an estimated £740m, followed by Real Madrid (£528m) in second and Arsenal (£466m) in third.
United, bought by US tycoon Malcolm Glazier for £790m in June 2005, had a market value of about £700m in last year's survey.
"Manchester United are the richest club in the world, thanks to shrewd marketing to a worldwide fan base," Forbes said.
"That dominance of English football has been challenged if not eclipsed by Chelsea's rise, but the club's commercial potential was tempting enough for Tampa Bay Buccaneers owner Malcolm Glazer to buy the team in 2005."
Other clubs that made the top 10 include German champions Bayern Munich (£427m), disgraced Italian outfit Juventus (£289m) and Spanish giants Barcelona (£273m).
Olympic Lyon, the first French club to float on the stock market, were ranked in 12th place, with a value of £175m.
The survey shows, however, that Real Madrid have overtaken United to become the world's richest football club by revenue.
Real Madrid increased its earnings by more than 10 per cent to £191m in the 2005-06 season, while United's revenues fell by around 5 per cent to £158m in the same period.
European champions Barcelona are second on the revenue list, with earnings of £169m, and Juventus are ranked third, with annual sales of £164m.
Barcelona's Brazilian forward Ronaldinho leapfrogged former England captain David Beckham to become the highest earning footballer.
Ronaldinho's annual salary is currently £15.2m, compared to Beckham's £14.8m.
But Beckham's big-money move to US side LA Galaxy was not taken into consideration.
The top five was completed by AC Milan striker Ronaldo (£11.7m), United's Wayne Rooney (£8.7m) and Germany captain Michael Ballack (£8.7m).
Most valuable football clubs:
1 Man Utd £740m
2 Real Madrid £528m
3 Arsenal £466m
4 Bayern Munich £427m
5 AC Milan £420m
6 Juventus £289m
7 Inter Milan £282m
8 Chelsea £274m
9 Barcelona £273m
10 Schalke 04 £240m
Highest-earning players :
1 Ronaldinho (Barcelona) £15.2m
2 David Beckham (Real Madrid) £14.8m
3 Ronaldo (AC Milan) £11.7m
4 Wayne Rooney (Man Utd) £8.7m
5 Michael Ballack (Chelsea) £8.7m
6 Thierry Henry (Arsenal) £8.2m
7 Zinedine Zidane (ex-Real Madrid) £8.2m
8 Fabio Cannavaro (Real Madrid) £7.6m
9 John Terry (Chelsea) £7.1m
10 Steven Gerrard (Liverpool) £7.1m
Source: Forbes
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