(CNN) Real Madrid might have failed to win its domestic championship for the third season in a row, but the Spanish soccer giant is still dominant globally on the financial front.

For the third year in a row, Real has been named the most valuable sports team in the world by Forbes -- fending off competition from American football and Major League Baseball.

The 10-time European champion is valued by the business magazine at $3.26 billion, while the NFL's Dallas Cowboys and MLB's New York Yankees are in joint second at $3.2 billion.

It's not all good news for Real, however, as its estimated value dropped by 5% over the past year.

"The value of the franchise is down, thanks largely to the decline of the euro against the dollar," Forbes said on its website.