A report by one of the biggest auditing companies, KPMG, evaluated 32 European clubs including Bayern Munich, Juventus among others.
Current Europa League champions, Manchester United have topped the list of most valuable football clubs in Europe.
According to a report by business service group KPMG, the 'enterprise value' of the English club puts it ahead of Spanish giants Real Madrid and Barcelona.
A total of 32 teams were studied and analysed over broadcasting rights, profitability, sporting potential, stadium ownership. The report is based on financial and non-financial information from the 2014-15 and 2015-16 football seasons.
"The aggregate value of Europe's 32 leading football clubs suggests that the overall value of football, as an industry, has grown. While this is partially explained by football's broadcasting boom, the internationalisation of the clubs' commercial operations, their investment into privately-owned and modern facilities, and overall more sustainable management practices, are also key reasons for this growth," Andrea Sartori, KPMG's global head of sports and the report's author, was quoted as saying by BBC.
"In terms of media rights value, the English Premier League sits comfortably at the top of European leagues, although other major leagues have outlined well-defined strategies to compete for the attention of global fans," he added.
The six out of top ten spots are filled by English clubs. Tottenham Hotspur are the new entrants ousting French club Paris Saint-Germain for the tenth spot on the list. Joining the Red Devils and Spurs are Manchester City, Arsenal, Chelsea, and Liverpool. Bayern Munich of Germany and Juventus from Italy are the two other European clubs making the cut apart from the Spanish clubs.
Top 10 European clubs by 'enterprise value'
1. Manchester United - €3.09 billion
2. Real Madrid - €2.97 billion
3. Barcelona - €2.76 billion
4. Bayern Munich - €2.44 billion
5. Manchester City - €1.97 billion
6. Arsenal - €1.95 billion
7. Chelsea - €1.59 billion
8. Liverpool - €1.33 billion
9. Juventus - €1.21 billion
10. Tottenham - €1.01 billion
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