Real Madrid have overtaken Manchester United to become Europe's most valuable club, according to KPMG.

Madrid top money list

The 2019 report, which calculates the "enterprise value" of Europe's top 32 clubs, has found that Madrid - Champions League winners last season - are now ahead of United, who had been outright leaders in the past two years.

KPMG found that Madrid's on-field success, with three consecutive Champions League triumphs, has led to an increase in commercial revenue - up 41 per cent over three years - as well as UEFA prize money.

United have slipped to second place, while Barcelona are down to fourth, below Bayern Munich in third.

Bayern's 25 per cent value increase over three years is enough to take them above LaLiga giants Barca, whose increased staffing costs have contributed to a three per cent decrease in that time.

Manchester City stayed fifth, followed by Chelsea, Liverpool, Arsenal, Tottenham and Serie A champions Juventus, who were down one place to 10th.

The biggest year-on-year increase in the 2019 report was that of Inter, up 41 per cent, with Champions League finalists Liverpool and Tottenham next.

The Premier League has nine clubs included in the 32, as Leicester City, West Ham and Everton join the traditional big six. These teams account for 43.4 per cent of the elite European clubs' total aggregate value.

Celtic, the sole Scottish Premiership representative, and Villarreal have climbed into the top 32, with Valencia and Fenerbahce dropping out.