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More pressure has been piled on David Moyes as United slip down another table.

Figures published today show the Reds have dropped to fourth place on football's rich list, the first time they have ever been out of the top three.

And in a comment likely to turn up the heat on the struggling United boss global finance experts Deloitte, who published the ladder, claim the club can only regain its place at the top if it continues to qualify for the Champions League.

That is something that, at the moment, looks unlikely with the Reds in seventh place in the Premier League and needing a top-four finish to gain a spot in next year's tournament.

Across town it is a different story as City climbed to sixth in the Deloitte Football Money League 2012/13, finishing above Arsenal and Chelsea for the first time thanks to a revenue growth of £39.9m (17 per cent) to £271m.

United, third last year, swapped places with German giants Bayern Munich.

The Reds revenues are placed at £363.2m – a growth of 13 per cent - thanks mainly to their commercial operations which increased by £34.9m (30 per cent) to £152.5m.

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They and City will deliver further improvement in next year's figures thanks to the Premier League's latest broadcast deals.

Deloitte say United could regain top spot, a position held last in 2003/04, providing it continues its status as a 'perennial Champions League club'. Struggling to adapt to life without Sir Alex Ferguson they face an uphill battle to qualify for the competition next year under his replacement. “This is in jeopardy after an inconsistent start to 2013/14,” a Deloitte spokesman added.

The Blues' improved showing is driven largely by their own increase in commercial revenue as the club seeks to develop its brand internationally and follow United's lead.

The figures show that in the five years since Sheikh Mansour's takeover, total revenue at the Etihad Stadium has more than tripled from £87m to £271m.

Experts reckon it will be tough for the Blues to break into the top five, particularly given the emergence of another oil rich rival, fifth-placed Paris St Germain. However, they claim that crusade will be helped by further commercial growth and on the pitch success. With more deals in the pipeline and Manuel Pellegrini's freescoring machine firing on all cylinders in four competitions it would appear that they are up for the challenge.

Real Madrid top the tree, with revenue of £444.7m. They are followed by rivals Barcelona, with £413.6m.

Chelsea (£260m) are seventh, Arsenal (£243.6m) eighth.

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Bayern are third with earnings of 431.2m euro (£369.6m), then Manchester United with 423.8m euro (£363.2m) and PSG are not far behind on 398.8m euro (£341.8m).

Liverpool have dropped out of the top 10 for the first time since 1999 - the Reds are in 12th spot with revenue of 240.6m euro (£206m) behind Juventus, AC Milan and Borussia Dortmund, while Tottenham are in 14th place with earnings of 172m euro (£147.4m)

Jones, however, believes the effect of the new Premier League TV deal, which will be reflected in next year's money table, will see Liverpool restored to the top 10 with Everton, Newcastle and even West Ham pushing for places in the top 20 in Europe.

The Money League also illustrates how clubs which are taken over by super-rich owners can swiftly see huge increases in revenue. In 2009, Manchester City and PSG were 20th and 21st in the table but have seen significant growth, notably in terms of commercial income.

Both clubs have benefited from major sponsorship deals related to their owners - and PSG's with the Qatar Tourism Authority which will net the French club £160m annually until 2016 has eclipsed City's £400m-plus Etihad deal which is over 10 years.

All such related sponsorship deals will be studied by UEFA as part of the European governing body's financial fair play rules to ensure they are of 'fair market value'.

Dan Jones, partner in the sports business group at Deloitte, said: "It is the first time Manchester United have dropped out of the top three but Bayern had an exceptional year.

"Next year United will have the Chevrolet deal plus other new commercial deals in their figures, and the new Premier League TV deal so we are confident they will be back in the top three.

"The longer term depends in part what happens on the pitch and if they do not qualify for next season's Champions League that is probably worth 50million euros [£41m] directly in terms of money from TV and attendances at Old Trafford."

Jones also believes United's financial performance remains "very high" and that the club will remain attractive to investors.

The Money League, which concentrates only on revenue and not debt levels or outgoings, kicked off in 1996/97.