Barcelona top the Forbes list of the world’s 20 most valuable football clubs for the first time.
Despite considerable financial debt of more than £1bn, Barca have knocked Real Madrid off their perch to second place.
The Catalans are valued at £3.46bn ($4.76bn), only narrowly ahead of Real’s valuation of £3.45bn ($4.75bn).
Manchester United remain the most valuable Premier League club at £3.06bn ($4.2bn) – but have dropped from third to fourth in the world, behind Bayern Munich at £3.07bn ($4.215bn).
Liverpool (£2.98bn), Manchester City (£2.91bn), Chelsea (£2.33bn) and Arsenal (£2.04bn) follow on before Paris Saint-Germain (£1.82bn) and Tottenham (£1.67bn) – meaning six Premier League clubs still feature in the top 10.
Forbes’ release says Liverpool have seen an 88 percent rise in their value over the past two years, as they have clinched the Premier League and Champions League titles.
PSG’s move into the top 10 sees Juventus drop out from 2020’s valuations into 11th place.
Everton (£479m), West Ham (£369m) and Leicester (£331m) are also in the top 20 – the Foxes creeping in for the first time at number 19, above Eredivisie champions Ajax.
Borussia Dortmund, Atletico Madrid, Inter Milan, AC Milan, and Roma are the other clubs to feature in the top 20.