(CNN) Real Madrid has been named the most valuable football club in Europe, according to financial consultancy KPMG, overtaking Manchester United.
Based on "enterprise value," the Spanish giant is worth $3.67 billion, with Manchester United ($3.65bn) falling to second and Bundesliga champion Bayern Munich ($3.07bn) rising to third.
The report is based on the 2016-17 and 2017-18 seasons -- when Real won the Champions League -- and takes into account profitability, broadcasting rights, popularity, sporting potential and stadium value.
On the field, Real Madrid has endured a testing season after finishing third in La Liga and exiting the Champions League before the quarterfinal stage. Zinedine Zidane returned to manage the club in March, replacing Argentine Santiago Solari.
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English Premier League (EPL) clubs dominate football's rich list with nine clubs in the top 32. The EPL also accounts for 43% of the total aggregate value.
Manchester City ($2.8bn), Chelsea ($2.5bn), Liverpool ($2.3bn), Arsenal ($2.28bn) and Tottenham ($1.91bn) occupy fifth to ninth respectively. Barcelona ($3.05bn) is fourth and Italian champion Juventus ( $1.76bn) 10th.
This year, 13 of the 32 most prominent European clubs were valued in excess of one billion euros.
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Andrea Sartori, KPMG's global head of sports, said the value of the football industry had grown by 9% over the past year.
New to list are Scotland's Celtic, in 30th, and Spain's Villarreal, in 31st, valued at $287m and $282m respectively.