Manchester United, despite a disappointing English Premier League campaign, have overtaken Spanish Giants Real Madrid and Barcelona as the most valuable club in the world.

The study conducted by professional services firm KPMG, analyzed broadcast rights, profitability, sporting potential, popularity and success in European competitions.

United, who wrapped up their season by winning the Europa League, are valued at €3 billion Euros – making them the first to break the 3 billion threshold.

Real Madrid are second with a value of €2.97 billion with Barcelona third at €2.76 billion.

German champions Bayern Munich (€2.44) and Manchester City (€1.97) close out the top 5.

The rest of the top 10 includes Arsenal €1.95bn, Chelsea (€1.59bn), Liverpool (€1.33bn), Juventus (€1.21bn) and Tottenham (€1.01bn).

This year, 10 clubs were valued in excess of 1bn euros (£867m), two more than in 2016.

Tottenham Hotspur and Italy’s Juventus were the new entrants to this elite group, with Tottenham ousting French club Paris Saint-Germain from 10th position.

Last year’s Premier League winners Leicester City (16th) and Everton (17th) are the two other English clubs to make KPMG’s top 32, with Scottish champions Celtic being among seven non-ranked ‘runners up’.

Despite Premier League dominance, Spain was the only country with two clubs reporting an “enterprise value” above 2bn euros, namely Real Madrid and Barcelona.

The report is based on revenues for the 2014-2015 and 2015-2016 seasons.