Manchester United may be champions of Europe, but it's been revealed they still lag behind Real Madrid in the list of the world's richest clubs.
The strength of the euro against the pound has helped Real Madrid maintain their position at the top, despite a 21 per cent increase in revenue for United, according to the Deloitte Football Money League.
"Manchester United's success in winning the Premier League and Champions League has contributed to significantly-increased revenue in 2007/08, but the depreciation of the pound against the euro means they remain in second position" - Dan Jones
Barcelona are third in the list, while Bayern Munich have climbed to fourth above Chelsea and Arsenal, who are fifth and sixth respectively.
United are due to announce their financial figures shortly, but it's predicted the Premier League champions will reveal revenue of £257 million in 2007/08 compared to £210 million in the previous 12 months.
Dan Jones, partner in the Sports Business Group at Deloitte, said: "Real Madrid's 4 per cent revenue growth is more modest than recent years, but the club have doubled their revenues since 2002 and have a lead of £32.5m over Manchester United.
"Real have announced they are budgeting for revenues of 400 million euros (£360 million) in 2008/09, so it will be difficult for rivals to replace them at the top of the Money League next year."
He continued: "Manchester United's success in winning the Premier League and Champions League has contributed to significantly-increased revenue in 2007/08, but the depreciation of the pound against the euro means they remain in second position."
All the English clubs suffered from the currency issue. Barcelona's revenue increased by only 6 per cent, while Chelsea and Arsenal enjoyed rises of 11.5 per cent and 18 per cent respectively yet both Premier Leagues sides saw themselves fall a place.
Liverpool have gone up a place to seventh with a 25 per cent rise in turnover.
Mr Jones added: "If the value of the pound had not depreciated, there would have been nine, rather than seven English clubs in the top 20 - and Manchester United would have topped the Money League ahead of Real Madrid."