Manchester United are now the world's most valuable football club at some £2.86 billion after moving ahead of Real Madrid at the top of business magazine Forbes' 14th annual rich list.

According to Forbes' calculations, which are based on equity plus net debt, revenues and operating income for the 2015-2016 season, United generated some £592 million which saw the Old Trafford club return to top spot for the first time in five years.

Spanish giants Barcelona were placed second with an overall worth of £2.82bn, with rivals Real, who won both the La Liga title and Champions League last season, in third place at £2.77bn, having been top since 2013.

Manchester United are now the world's most valuable football club at some £2.86 billion

Spanish giants Barcelona are the second with an overall worth of £2.82bn, say Forbes

United have moved ahead of Real Madrid at the top of magazine Forbes' 14th annual rich list

Forbes 'The Business Of Soccer' World's Most Valuable Teams '15-'16 1 - Manchester United £2.86bn 2 - Barcelona £2.82bn 3 - Real Madrid £2.77bn 4 - Bayern Munich £2.1bn 5 - Manchester City £1.61bn 6 - Arsenal £1.5bn 7 - Chelsea £1.43bn 8 - Liverpool £1.15bn 9 - Juventus £976m 10 - Tottenham Hotspur £821m 11 - Paris Saint-Germain £652m 12 - Borussia Dortmund £626m 13 - AC Milan £621m 14 - Atletico Madrid £567m 15 - West Ham United £491m 16 - Schalke £487m 17 - Roma £441m 18 - Inter Milan £416m 19 - Leicester City £320m 20 - Napoli £294m Advertisement

German side Bayern Munich are listed fourth at £2.1bn.

Forbes Media assistant managing editor Mike Ozanian said: 'Manchester United's return to the top spot is a testament to their powerful brand and marketing acumen.'

United's value at $3.69 billion (£2.86bn) signals an 11 percent jump compared to last year.

The financial muscle of the Premier League, which is benefiting from a huge increase in broadcasting revenue, is clear as five other English clubs in Manchester City, Arsenal, Chelsea, Liverpool and Tottenham Hotspur all also made the top 10.

Joe Lewis and Daniel Levy's Tottenham Hotspur are in 10th position in Forbes' club rankings

Leicester City won the 2015-16 Premier League title and placed 19th, while West Ham United, who have now moved into the London Stadium, are 15th.

Serie A winners Juventus, who were beaten by Real Madrid in Saturday's Champions League final in Cardiff, are ninth, with French giants Paris Saint-Germain just outside the top 10.