Manchester City have been named as Europe's most valuable football club, ousting Real Madrid, in a report published on Thursday, before this weekend's Champions League final.
The Football Benchmark report ranks Europe's 32 most prominent clubs based on a series of criteria including assessments of their financial statements, squad value and the size of their broadcast market.
City, who play Inter Milan in Saturday's Champions League final in Istanbul, came out on top with a valuation of 4.073 billion euros ($4.39 billion).
That figure saw them overtake Madrid, last year's European champions whose own value was just behind, at 4.006 billion euros.
The Spanish giants had come out on top in the previous four years.
City "have climbed up the ranking, gaining five positions compared to the 2022 edition, primarily thanks to the remarkable financial performance recorded in the 2021/22 financial year," said the report.
Manchester United, valued at 3.93 billion euros, rounded out the podium, with Liverpool and Bayern Munich just behind them.