Manchester United remain the Premier League's top side, while Manchester City have been leapfrogged by one of their biggest rivals as the latest list of Europe’s most valuable clubs has been revealed.
KPMG have compiled their fifth annual club valuation report, which ranks the 32 most prominent European football clubs based on their value.
Real Madrid remain the continent’s top club, having increased their value by 1.5 per cent to £2.95bn in the last year.
United retain their position as the Premier League’s top side in second, but have seen their value fall by two per cent to £2.84bn, while Liverpool are the big movers, having leapfrogged both City and Chelsea into fifth.
The Reds, who added their sixth European crown last year by beating Tottenham in the Champions League final, have seen their valuation soar by 19.3 per cent to £2.26bn.
City and Chelsea both suffered losses, with the reigning Premier League champions falling by 0.3 per cent to £2.21bn, while the Blues suffered a 6.3 per cent decrease to £1.88bn.
Barcelona and Bayern Munich swap places in the rankings, with the Catalan giants seeing their value rocket by 12.2 per cent to £2.71bn, while the German champions enjoy a slight increase to £2.44bn.
Tottenham have climbed one place to eighth and have leapfrogged north London rivals Arsenal in the process – the Champions League finalists enjoyed a 15.8 per cent increase to be valued at £1.75bn.
French champions PSG are ninth with a huge 36.7 per cent rise on last year, taking their value up to £1.62bn.
Leicester City and West Ham also feature in the top 20, meaning the Premier League has eight representatives in the list.
KPMG's figures were compiled in January, however and do not account for any losses that may have occurred as a result of the coronavirus pandemic.
Rich List Rankings
1. Real Madrid (unchanged) - £2.95bn (+1.5%)
2. Manchester United (unchanged) - £2.84bn (-2%)
3. Barcelona (+1) - £2.71bn (+12.2%)
4. Bayern Munich (-1) - £2.44bn (+0.4%)
5. Liverpool (+2) - £2.26bn (+19.3%)
6. Manchester City (-1) - £2.21bn (-0.3%)
7. Chelsea (-1) - £1.88bn (-6.3%)
8. Tottenham Hotspur (+1) - £1.75bn (+15.8%)
9. Paris Saint-Germain (+2) - £1.62bn (+36.7%)
10. Arsenal (-2) - £1.57bn (-13.2%)
11. Juventus (-1) - £1.47bn (+5.5%)
12. Borussia Dortmund (unchanged) - £1.09bn (+11.1%)
13. Atletico Madrid (unchanged) - £1.02bn (+12.1%)
14. Inter Milan (+1) - £0.83bn (+33.7%)
15. Schalke (-1) - £0.69bn (+0.1%)
16. Roma (+5) - £0.51bn (+9.7%)
17. Napoli (+1) - £0.50bn (-2.5%)
18. West Ham United (-1) - £0.48bn (-8.6%)
19. Leicester City (-3) - £0.47bn (-17%)
20. Lyon (+2) - £0.46bn (+10.3%)
Source: KPMG
