Manchester United continue to top the Forbes list as the most valuable football club in the world, but Real Madrid are gaining ground.
United also remain ranked as the most valuable team in any sport, worth $2.24bn (£1.4bn), $385m more than baseball's New York Yankees and the NFL's Dallas Cowboys.
Arsenal are fourth on the list, worth £800m, behind Real Madrid (£1bn) and Barcelona (£816m). The Forbes list ranks Chelsea in seventh place, worth £474m, and Liverpool eighth with a value of £386m.
United's global fan base, estimated by Forbes to number 330 million, has helped maintain the club's position. However, Madrid and Barça have higher revenues, due in large part to the fact they have negotiated their own television rights deals for Spanish football.
The figures are also based on last year's financial results, reflecting United reaching the Champions League final. This season Sir Alex Ferguson's side failed to make the knockout stage and their income from European football is expected to drop.
Tottenham are 11th, valued at £351m, and Manchester City 13th, at £276m.