Manchester United remain the second most valuable club in the world, according to figures compiled by accountancy firm KPMG.

The Red Devils are currently worth £2.84billion, slightly less than Real Madrid who sit top of the list on £2.95billion.

United’s place was not affected by their recent financial results, with the Manchester club having taken a £3.3m loss in the first quarter of this year, but if the effects of the global health crisis are compounded by the failure to qualify for the Champions League, they could lose up to £75m, which could affect their value.

Elsewhere in the rankings, Barcelona have leapfrogged Bayern Munich into third, while Liverpool’s’ valuation increased substantially by 19% as they move two places above Manchester City and Chelsea in the table to fifth.

There are eight English teams in the top 20 in total, with Tottenham in eighth (now valued at £1.75billion), Arsenal in tenth, while Leicester and West Ham also make the list.