Brand Finance have released their annual report on the most valuable and strongest football brands.
Real Madrid top the rankings for the first time in nine years.
The combination of commercial revenues and on-the-pitch success in the UEFA Champions League have propelled Los Blancos to the apex of the value pyramid.
The Spanish giants’ brand value increased by 26.9 per cent from 2018 to 2019 and is now worth more than €1.6 billion (£1.4bn/$1.79bn).
They have overtaken Manchester United, whose brand value fell 5.8 per cent year-on-year.
Barcelona, Bayern Munich, Manchester City, Liverpool, Chelsea, Paris Saint-Germain, Arsenal and Tottenham make up the rest of the top 10.
The top 10 is as below: