KEIR RADNEDGE REPORTS: The value or credibility of financial assessments of football club values has been thrown into doubt by the latest 2021 version of the Forbes analysis.

According to the Forbes ranking Barcelona – whose financial stability has been cast into question under pandemic pressure – are the new No1. The Catalan giants have overtaken LaLiga rivals Real Madrid to take top spot with a $4.76bn (£3.5bn) valuation.

Manchester United have dropped to fourth with a valuation of $4.2bn (£3.05bn), while Bundesliga champions Bayern Munich move to third.

Other Premier League clubs in the top 10 are Liverpool, Manchester City, Chelsea, Arsenal and Tottenham. Everton, West Ham and Leicester are 15th, 18th and 19th respectively.

Forbes said the average worth of clubs in the top 20 had increased by 30% in the last two years, despite the impact of the Covid-19 pandemic.

Matchday revenue fell to $441m (£320m) last season, a 9.6% decrease from the 2017-18 season.

Despite the club’s drop in overall valuation, United had the biggest operating income ($167m/£121m) of the top 20 during the 2019-20 season, and made $643m (£468m) in revenue.