Real Madrid have topped the league table of the world's 20 richest football clubs for the sixth straight year, according to Deloitte.
Its Football Money League, based on season 2009/10, also says the combined revenues of the 20 clubs passed 4bn euros (£3.8bn) for the first time.
Real's arch-rivals Barcelona have retained second spot in the list, ahead of Manchester United who remain third.
Arsenal, Chelsea and Liverpool are fifth, sixth and eighth respectively.
'Corporate partners'
Seven of the top 20 in its table are from England, the other three being Manchester City (11th), Tottenham Hotspur (12th), and Aston Villa (20th).
All the 20 clubs represented are from the "big five" European leagues, with Germany contributing four clubs, Italy four, Spain three and France two.
in a further sign of a financial hierarchy at the top of the European game, the same 10 clubs populate the top 10 places in the Money League for the second successive year.
Deloitte Football Money League
1) Real Madrid: 438.6m euros
2) Barcelona: 398.1m euros
3) Man Utd: 349.8m euros
4) Bayern Munich: 323m euros
5) Arsenal: 274.1m euros
6) Chelsea: 255.9m euros
7) AC Milan: 235.8.m euros
Liverpool: 225.3m euros
9) Inter Milan 224.8m euros
10) Juventus: 205m euros
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