Real Madrid has been named the most valuable football club in the world for the fourth year in a row, with an estimated worth of $6.75 billion, according to Forbes magazine. What’s more, they’ve become the first club ever to break the $1 billion revenue mark, pulling in $1.13 billion during the 2023/2024 season.

That figure is a 2% jump from last year. The annual report points to their 2023/24 Champions League win, strong commercial deals, and global brand power as key reasons for this financial boost. The club is also aiming to recoup part of the money it spent on the renovation of the Santiago Bernabéu Stadium, especially through ticket sales and event hosting on matchdays.

Barcelona stays third; Arsenal makes a splash

Manchester United came in second with a value of $6.6 billion, followed by Barcelona at $5.65 billion. The Catalan side brought in $821 million in revenue, and Forbes predicts they could pass the billion-dollar mark once the stadium upgrades are finished.

The biggest surprise on the list was Arsenal, jumping from tenth to eighth place after a 31% rise in value, hitting $771 million in revenue. Meanwhile, Paris Saint-Germain, ranked seventh ($4.6 billion), might climb even higher depending on how they do in the Champions League final against Inter Milan—a win could bring in another $28 million. Six teams from the Premier League made the top 10, along with two from La Liga, one from Ligue 1, and one from the Bundesliga. Atlético de Madrid also made the cut, sitting in 13th place with $1.7 billion in revenue.

Here are the ten most valuable clubs (in millions of dollars):

1. Real Madrid (6,750)
2. Manchester United (6,600)
3. Barcelona (5,650)
4. Liverpool (5,400)
5. Manchester City (5,300)
6. Bayern Munich (5,100)
7. Paris Saint-Germain (4,600)
8. Arsenal (3,400)
9. Tottenham (3,300)
10. Chelsea (3,250)