Manchester United are still the most valuable English football club according to a list compiled by Forbes.
The Reds have a valuation of £3.05bn, which sees them ranked as the fourth most valuable club in the world.
It means United have dropped out of the top three richest clubs for the first time since Forbes' ratings begun in 2007, with Barcelona, Real Madrid and Bayern Munich all now valued higher.
Yet the Reds remain the most valuable club in England, despite the recent successes of Liverpool and Manchester City.
United's valuation is £700m more than Liverpool, who are ranked as the fifth most valuable club in the world.
City are a further £73m back from Liverpool in sixth place in the global rankings.
United are £145m off third-placed Bayern Munich, who are roughly £500m behind top two Barcelona and Real Madrid.
Whilst United's value has grown by around £300m, their growth has been overtaken by Bayern after the German club's Champions League victory last season.
Barca have overtaken Real Madrid at the top of the rankings, despite the Catalan club's well-publicised financial problems.
Despite the Covid-19 pandemic impact matchday revenue at clubs, Forbes have said the average worth of clubs has increased by 30 per cent over the last two years.
United had the biggest operating income of the top 20 clubs during last season with £121m, with the Reds also making £468m in revenue.
Chelsea, Arsenal and Spurs are the three remaining English clubs in the top 10 most valuable sides in the world along with PSG.
Yet there is a large gap between sixth-placed Man City's valuation and seventh-placed Chelsea, who are valued at around £232bn.
