Manchester United are no longer one of the top three most valuable football clubs in the world, according to a list compiled by Forbes, while Liverpool have leapfrogged Manchester City.
Barcelona have taken the top spot from La Liga rivals Real Madrid with a £3.5bn valuation.
United have placed fourth with a valuation of £3.05bn, while Bundesliga champions Bayern Munich have moved to third, PA reports.
Premier League side Liverpool (£2.98bn) have overtaken Manchester City (£2.91bn) while Chelsea, Arsenal and Tottenham have also made the top 10.
Everton, West Ham and Leicester are 15th, 18th and 19th respectively.
The list comes after Liverpool owner FSG recently struck a deal with RedBird capital which saw an £538m investment go into the club.
The deal also saw a formal welcoming on board for basketball superstar LeBron James, his associate Maverick Carter and their long-time business partner, Paul Wachter.
Liverpool moving up to fifth in the overall rankings is a rise from their eighth-place standing from this time last year.
Here is the full list of the most valuable football clubs in the world, according to Forbes.
1. Barcelona - $4.76bn (£3.46bn)
2. Real Madrid - $4.75bn (£3.46bn)
3. Bayern Munich - $4.22bn (£3.07bn)
4. Manchester United - $4.2bn (£3.06bn)
5. Liverpool - $4.1bn (£2.98bn)
6. Manchester City - $4bn (£2.91bn)
7. Chelsea - $3.2bn (£2.33bn)
8. Arsenal - $2.8bn (£2.04bn)
9. Paris Saint-Germain - $2.5bn (£1.82bn)
10. Tottenham Hotspur - $2.3bn (£1.67bn)
