Real Madrid have usurped Manchester United as the world's most valuable soccer club according to Forbes. The Spanish giants, whose star player is Cristiano Ronaldo, increased their value by 76% over the past year to $3.3 billion.
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2. Manchester United —
Since Forbes started their study in 2004 this is the first time English Premier League club Manchester United have not appeared top. Despite bumper commercial deals with Chevrolet and Aon taking their value to $3.17bn they have to make do with second place.
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3. Barcelona —
Barcelona, who count arguably the world's best player Lionel Messi among their ranks, are third on the list, as they were in 2012. They almost doubled their value over the previous year -- the biggest rise out of any club in the top 20 -- to $2.6 billion.
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4. Arsenal —
Arsenal, who have qualified for the lucrative European Champions League for 15 successive seasons, remain fourth on Forbes' list. Led by Arsene Wenger, they have built up a substantial amount of cash reserves since their move to a new stadium. Their value stands at $1.32 billion.
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5. Bayern Munich —
German champions Bayern Munich, who are still on course for an historic treble, are fifth on the list with a value of $1.3 billion. Former Barcelona coach Pep Guardiola is joining the club at the end of the current season.
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6. AC Milan —
AC Milan are the only club in the top 10 to have gone down in value in the previous year but despite that their figure is put at £945 million.
7. Chelsea —
Chelsea, owned by Russian billionaire Roman Abramovich, are seventh. Their value is $901 million and has gone up 18% in the past year. Their biggest name is striker Fernando Torres, who cost them $76 million from Liverpool in 2011.
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8. Juventus —
On course for the title in Italy's Serie A, Juventus are valued at $694 million which puts them eighth on Forbes' countdown.
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9. Manchester City —
Big-spending Manchester City are ninth on the list with a value of $689 million. Since they were bought by Sheikh Mansour bin Zayed Al Nahyan, the new owner has spent an estimated $1.5 billion on the club. They won their first English top flight title for 44 years in 2012.
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10. Liverpool —
English club Liverpool, owned by John W. Henry's Fenway Group -- who also own the Boston Red Sox -- have a value of $651 million, which is up 5% on last year.