Real Madrid have overtaken Manchester United to become Europe's most valuable club, according to KPMG’s fourth edition of the “Football Clubs’ Valuation: The European Elite 2019” report.
The 2019 report, which calculates the "enterprise value" of Europe's top 32 clubs, has found that Madrid - Champions League winners last season - are now ahead of United, who had been outright leaders in the past two years.
KPMG found that Madrid's on-field success, with three consecutive Champions League triumphs, has led to an increase in commercial revenue - up 41 per cent over three years - as well as UEFA prize money. United have slipped to second place, while Barcelona are down to fourth, below Bayern Munich in third.
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