Real Madrid top Forbes list for third consecutive year

Real Madrid tops the annual Forbes list of the world's most valuable clubs, for the third year in a row, with Barcelona and Manchester United still in second and third place respectively.

According to Forbes' dollar-based figures, the 20 most valuable soccer teams in the world are worth an average of $1.16 billion, 11% more than last year and 84% higher than five years ago. In Euro terms the value of the top 20 has more than doubled during the past five years and is up 34% during the past year.

Forbes latest valuations are calculated using revenues and operating income are for the 2013-14 season, converted into US dollars based on average exchange rate for the 2013-14 season.

Team values are enterprise values (equity plus net debt) based on the team's current stadium deal (unless new stadium is pending) based on April 22, 2015 exchange rates. Operating income is earnings before interest, taxes, depreciation and amortization, player trading and disposal of player registrations.

The top 10 teams on Forbes list are as follows:
1) Real Madrid $3.26 billion (£2.13 billion)
2) Barcelona $3.16 billion (£2.07 billion)
3) Manchester United $3.10 billion (£2.03 billion)
4) Bayern Munich $2.35 billion (£1.54 billion)
5) Manchester City $1.38 billion (£905 million)
6) Chelsea $1.37 billion (£898 million)
7) Arsenal $1.31 billion (£859 million)
8) Liverpool $982 million (£644 million)
9) Juventus $837 million (£549 million)
10) AC Milan $775 million (£508 million)

Forbes highlight in their editorial what they call a "super-six" of Barcelona, Chelsea, Liverpool, Manchester City, Manchester United and Real Madrid who, according to Forbes, "have created a large, global following and have figured out how to monetize it." Quite why Liverpool is favoured over Arsenal and Bayern, who are ranked higher on their own list isn't fully explained by the US-based publication.

Whilst non-English teams still comprise 50% of the teams in the top 10, listings in future years are likely to be increasingly dominated by the Premier League as the new TV deal kicks in. Barcelona can however be expected to maintain or perhaps improve their position with stadium renovations in the pipeline and the currently undervalued Nike and Qatar Airways sponsorship deals likely to be improved upon.