Manchester United may be chasing Chelsea in the Premier League but they have topped their rivals as the most valuable football club in the world.
Manchester United top the poll for the sixth year running
Despite a turbulent year for British sides, the Old Trafford club held on to the top spot in Forbes Magazine's list of the 20 biggest valued football teams.
Seven of the 20 sides featured were English, despite the Premier League being the most indebted in Europe.
United have topped the table for six years and been valued by Forbes at £1.19bn, a fall of 2% on last year.
Arsenal came third, Liverpool in sixth and Chelsea in ninth.
Tottenham Hotspur failed to make the top 10, coming in 12th place.
Big-spending Manchester City trailed in 19th and Newcastle were rated as 20th most valuable, a surprise inclusion after they were relegated last season.
Chelsea owner Roman Abramovich
Peter Schwartz, a business sports writer for Forbes, praised Manchester United's resilience as "one of the world's biggest sporting brands".
He said: "The club has really established itself as one of the top brands in world sport.
"New kit deals and great marketing has seen them maintain their status despite all the problems of the global recession."
Real Madrid had to settle for second place, despite signing Cristiano Ronaldo from United last summer.
The world's 20 most valuable soccer clubs generated a combined £422m in operating income last season.
Combined revenues grew by £23.4m £3.57bn for the 2008-09 season.
"The top five clubs took in 86% of the total because their worldwide following allows them to grab much more sponsorship and media revenue," a Forbes spokesman added.
Broadcast rights account for 42% of the revenue of Europe's top 20 clubs.
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