Despite all the bad financial news that has been circulating Manchester United – huge debt (£716.5m at the last count), difficult bond issues, mortgaged stadium and takeover talks, the club is still a big revenue generator. United has slipped down the table a couple of places due to the collapsing pound but still sits in the top three.

BBC: Real are the first global sports team to see annual revenues top 400m euros (£357m).

Real’s arch-rivals Barcelona have taken second spot in the list, ahead of Manchester United who drop to third.

Arsenal, Chelsea and Liverpool are fifth, sixth and seventh respectively.

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Here’s what the Deloitte football club revenue league looks like:

1) Real Madrid: 401.4m euros
2) Barcelona: 365.9m euros
3) Man Utd: 327m euros
4) Bayern Munich: 289.5m euros
5) Arsenal: 263m euros
6) Chelsea: 242.3m
7) Liverpool: 217m euros
Juventus: 202.3m euros
9) Inter Milan 196.5m euros
10) AC Milan: 196.5.m euros
Source: Deloitte: 2008/09