Real Madrid, who in 2018 won the Champions League for a third consecutive year, were valued at US$4.24 billion, up 9% from a year ago, Forbes said.

Barcelona were second on the list with a value of US$4 billion while Manchester United, who held top spot in each of the last two years, were third with a value of US$3.8 billion.

Bayern Munich (US$3 billion) and Manchester City (US$2.69 billion) rounded out the top five.

The 20 most valuable football clubs this year are worth an average of US$1.75 billion, up 34% from last year, a jump Forbes attributes to sponsors paying more money to attach themselves to these teams.

“Soccer (football) team values are increasing because companies continue to increase the amount of money they pay teams for shirt and kit rights, and sponsorships,” said Michael Ozanian, assistant managing editor at Forbes.

“Soccer is the most popular team sport in the world and soccer players are running billboards for brands.”