Barcelona have the third most valuable squad in Europe, according to a report by the CIES Football Observatory.

Premier League duo Liverpool and Manchester City take the top two slots, while Barcelona are in third ahead of La Liga rivals Real Madrid.

Here’s a look at the top five:

.@LFC at the top of the @CIES_Football rankings for most valuable squad from a transfer value perspective! Six clubs valued at more than €1⃣ billion! Data for all big-5 league clubs ➡️ https://t.co/fuEPOmlocd pic.twitter.com/hGwDazElcQ — CIES Football Obs (@CIES_Football) March 16, 2020

Manchester United, Paris Saint-Germain, Atletico Madrid, Tottenham and Juventus are next on the list and make up the rest of the top 10.

The CIES work out the value of squads “according to the value on the transfer market of players under contract,” using the 20 most expensive players at each club.