KPMG has named Manchester United as the world’s most valuable football club, becoming the first ever club to have an enterprise value of over €3 billion.

The Dutch auditors have devised an algorithm which takes in not only a club’s revenue, but is a combination of five three factors: profitability, popularity, sporting potential, broadcasting rights and stadium ownership. The combination of all these factors produces the Enterprise Value (EV).

• Manchester United -3.09bn euros
• Real Madrid – 2.97bn euros
• Barcelona – 2.76bn euros
• Bayern Munich – 2.44bn euros
• Manchester City – 1.97bn euros
• Arsenal – 1.95bn euros
• Chelsea – 1.59bn euros
• Liverpool – 1.33bn euros
• Juventus – 1.21bn euros
• Tottenham – 1.01bn euros