NEW YORK: Real Madrid may have won nothing on the pitch this year but they remain leaders in Forbes’ list of the world’s 50 most valuable sports operations.

The value of the 10-times European champions fell five percent from last year to $3.26bn because of the drop in the euro versus the U.S. dollar but stayed out in front with revenue of $746m.

Otherwise the leading franchises came mainly from the gridiron National Football League. Dallas Cowboys, up three spots from last year, and Major League Baseball’s New York Yankees, up from fourth place in 2014, were tied for second with a value of $3.20bn.

Football’s Barcelona ($3.16bn) and Manchester United ($3.10bn) completed the top five.

The NFL led all sports with 20 franchises in the top-50, followed by MLB (12), the National Basketball Association (10) and soccer (7).

Formula One’s Ferrari ($1.35bn) were ranked 32nd while the Toronto Maple Leafs ($1.3bn), tied in 37th, were the only National Hockey League team on the list.

According to Forbes, which began valuing sports franchises in 1998, the world’s 50 most valuable teams are worth an average $1.75bn up 31pc from 2014. Forbes also said the minimum valuation to make the cut rose to $1.15bn up from $856m a year ago, due largely to the soaring worth of NBA and MLB teams.

The 10 most valuable teams (in billions):

1. Real Madrid (Soccer) – $3.26

2. Dallas Cowboys (NFL) – $3.20

2. New York Yankees (Baseball) – $3.20

4. Barcelona (Soccer) – $3.16

5. Manchester United (Soccer) – $3.10

6. Los Angeles Lakers (NBA) – $2.60

6. New England Patriots (NFL) – $2.60

8. New York Knicks (NBA) – $2.50

9. Los Angeles Dodgers (Baseball) – $2.40

9. Washington Redskins (NFL) – $2.40

* Complete list: