London, March 31: According to auditing giants KPMG, Real Madrid and Manchester United are the most valuable football clubs in the world.

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Both Manchester United and Real Madrid are valued at $3.09 billion. FC Barcelona are third, valued at $2.9 billion, ahead of Bayern Munich, rated at $2.35 billion according to KPMG's annual report.

The top five is completed by Arsenal ($1.86 billion) with the next three places going to Manchester City ($1.71 billion), Chelsea ($1.6 billion) and Liverpool ($1.39 billion).

Juventus, worth $1.05 billion, and Paris Saint-Germain ($900.37 million) complete the top 10.

"It's a study that associates several criteria," KPMG Head of Sports Network Jean-Luc Leroux was quoted as saying by ESPNFC.

"These include the popularity of clubs with their number of followers on social media, their sporting potential is given the value of their players, TV rights and their ownership situation, notably of the stadiums.

"It allows clubs to compare themselves with each other, to see where they are in the European hierarchy and how they progress from one season to another," he added.

French heavyweights PSG, according to L'Equipe, could move up tp $1.6 billion by 2020 as their owners Qatar Sports Investments (QSI) hope to increase the club's value.

The club was worth just over $106.8 million when QSI took over in 2011, and $576.5 million following the 2014-15 season.

IANS