Money can't buy you love, but has helped United's on-field success

Manchester United is still the most valuable football club in the world, according to Forbes magazine.

The Premier League title holders, who came second in a list compiled by Deloitte in February, again topped the table ahead of Real Madrid.

Forbes values United at £1.19bn($1.84bn), Real at £859m ($1.32bn), and Arsenal, in third, at £767m ($1,181m).

It uses data on income streams such as broadcast rights, sponsorship and sales of tickets and merchandise.

Barcelona is fourth in the 20-team list which includes six clubs from the Premier League plus Newcastle United who have spent this season playing in the Championship.

Liverpool, Chelsea and AC Milan all made the top 10, but the trio's value had each fallen by 19% in the 2008/09 season according to the Forbes calculations.

Juventus and Olympic Marseille had the two biggest increases in value - each gaining 9% on the previous year.

Increasing sponsorship and media revenue meant "the news continues to be good for investors" said Michael Ozanian, national editor at Forbes.

However the average worth of the clubs in the list fell 8.5%.