Manchester United have been replaced by Real Madrid as the 'most valuable' club in Europe.
The latest figures, based on the 2016-2017 and 2017-18 seasons, have been released by KPMG.
The 'enterprise value' takes into account popularity, profitability, broadcasting rights, stadium value and potential and is based on the figure on January 1 2019.
And Real, who won the Champions League in both of the two seasons, have leapfrogged United into top spot.
It is claimed the Spanish giants are worth around £2.91bn while United, who had led the way for the last three years, are valued at £2.83bn.
United's failure to reach the latter stages of the Champions League has seen them lose ground.
A further five Premier League clubs make the top 10 - Manchester City , Champions League finalists Liverpool and Tottenham , and Europa League finalists Chelsea and Arsenal .
City are in fifth, behind Bayern Munich and Barcelona , with a value of £2.2bn.
Juventus are the other non-English side to make the top 10, with West Ham United, Leicester City and Everton making the overall 32-team shortlist.
Celtic have also become the first ever Scottish club to make the prestigious list.
The author of the report, Andrea Sartori said: "At league level the English Premier league has confirmed its absolute dominance, having nine clubs in the top 32 and accounting for 43% of the total aggregate value."
Most valuable clubs in Europe
10. Juventus - £1.3bn
9. Tottenham - £1.5bn
8. Arsenal - £1.8bn
7. Liverpool - £1.9bn
6. Chelsea - £2bn
5. Man City - £2.2bn
4. Barcelona - £2.41bn
3. Bayern Munich - £2.43bn
2. Man United - £2.83bn
1. Real Madrid - £2.9bn
