Auditing giant, KPMG, has named Real Madrid and Manchester United, as the most valuable clubs in the world.

Their annual study titled, “Football Clubs’ Valuation: The European Elite”, estimated Madrid and United as being worth €2.9billion at the end of the 2015-16 season.

Barcelona are third, and valued at €2.8bn, ahead of Bayern Munich which is rated at €2.2bn.

Arsenal (€1.7bn) complete the top five, with the next three places occupied by Manchester City (€1.6bn), Chelsea (€1.5bn) and Liverpool (€1.3bn).

Juventus, worth is €983 million, and Paris Saint-Germain (€843m) complete the top 10.

“It’s a study that associates several criteria,” KPMG Head of Sports Network Jean-Luc Leroux said.

“These include the popularity of clubs with their number of followers on social media, their sporting potential given the value of their players, TV rights and their ownership situation, notably of the stadiums.

“It allows clubs to compare themselves with each other, to see where they are in the European hierarchy and how they progress from one season to another.”

The Top 10:

Real Madrid (€2.9bn)

Manchester United (€2.9bn)

Barcelona (€2.8bn)

Bayern Munich (€2.2bn)

Arsenal (€1.7bn)

Manchester City (€1.6bn)

Chelsea (€1.5bn)

Liverpool (€1.3bn)

Juventus (€983 million)

Paris Saint-Germain (€843m)