LONDON — Accountancy firm KPMG says Manchester United and Real Madrid are soccer's most valuable clubs, worth an estimated 2.9 billion euros ($3.2 billion) each.
The study finds Europe's leading 32 clubs have a combined value exceeding 26 billion euros.
KPMG's report was published as the European season reaches its climax with Saturday's Champions League final between Real Madrid and crosstown rival Atletico Madrid, which is valued at 592 million euros.
United remains strong financially, despite not winning the Premier League in three years.
Behind Real and United in the rankings are Barcelona (2.8 billion euros), Bayern Munich (2.2 billion euros), Arsenal (1.7 billion euros), Manchester City (1.6 billion euros), Chelsea (1.5 billion euros), Liverpool (1.3 billion euros), Juventus (983 billion euros) and Paris Saint-Germain (843 billion euros).