1. Manchester United (£1.396bn)
Their estimated value has increased from £1.12bn in 2011 to £1.4bn this year, but crashing out of the Champions League early may well give Real Madrid some hope of climbing to the top of the list, as they remain in good stead to reach the final this year. United's astonishingly large global fan base is still the difference, and if they win their 20th domestic league title this year, that won't hurt either.
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