Spanish giants Real Madrid CF have overtaken Manchester United as the most valuable football team in the latest research published by business magazine FORBES.

Manchester United had been on top of the list since its introduction in 2004, but the Spaniards have now managed to claim the top spot with revenue of $650 million during the 2011/12 season and an overall value of $3.3 billion. The EPL side has been valued at $3.17 according to the figures.

FC Barcelona, Arsenal FC and German giants FC Bayern Munich complete the Top 5 of the ranking.

The Top 20 of “The Most Valuable Football Team” list features seven team from the EPL, four team from the Bundesliga, four team from the Serie A, two teams from La Liga, two team from the Ligue 1 and one team from the Campeonato Brasileirão Série A.

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THE MOST VALUABLE FOOTBALL TEAM – TOP 20:

#1 | Real Madrid CF
Current Value: $3,300 mil.
Revenue 2011-12: $650 mil.
Operating Income 2011-12: $170 mil.

#2 | Manchester United FC
Current Value: $3,165 mil.
Revenue 2011-12: $502 mil.
Operating Income 2011-12: $144 mil.

#3 | FC Barcelona
Current Value: $2,600 mil.
Revenue 2011-12: $613 mil.
Operating Income 2011-12: $160 mil.

#4 | Arsenal FC
Current Value: $1,326 mil.
Revenue 2011-12: $368 mil.
Operating Income 2011-12: $55 mil.

#5 | FC Bayern Munich
Current Value: $1,309 mil.
Revenue 2011-12: $468 mil.
Operating Income 2011-12: $88 mil.

#6 | AC Milan
Current Value: $945 mil.
Revenue 2011-12: $326 mil.
Operating Income 2011-12: $19 mil.

#7 | Chelsea FC
Current Value: $901 mil.
Revenue 2011-12: $409 mil.
Operating Income 2011-12: $82 mil.

#8 | Juventus
Current Value: $694 mil.
Revenue 2011-12: $248 mil.
Operating Income 2011-12: $20 mil.

#9 | Manchester City FC
Current Value: $689 mil.
Revenue 2011-12: $362 mil.
Operating Income 2011-12: -$53 mil.

#10 | Liverpool FC
Current Value: $651 mil.
Revenue 2011-12: $296 mil.
Operating Income 2011-12: $19 mil.

#11 | Tottenham Hotspur
Current Value: $520 mil.
Revenue 2011-12: $226 mil.
Operating Income 2011-12: $36 mil.

#12 | FC Schalke 04
Current Value: $498 mil.
Revenue 2011-12: $221 mil.
Operating Income 2011-12: $47 mil.

#13 | Borussia Dortmund
Current Value: $456 mil.
Revenue 2011-12: $240 mil.
Operating Income 2011-12: $54 mil.

#14 | Inter Milan
Current Value: $401 mil.
Revenue 2011-12: $236 mil.
Operating Income 2011-12: -$89 mil.

#15 | Olympique Lyonnais
Current Value: $368 mil.
Revenue 2011-12: $167 mil.
Operating Income 2011-12: -$6 mil.

#16 | SC Corinthians Paulista
Current Value: $358 mil.
Revenue 2011-12: $119 mil.
Operating Income 2011-12: $10 mil.

#17 | SSC Napoli
Current Value: $330 mil.
Revenue 2011-12: $188 mil.
Operating Income 2011-12: $76 mil.

#18 | Hamburger SV
Current Value: $300 mil.
Revenue 2011-12: $154 mil.
Operating Income 2011-12: $6 mil.

#19 | Olympique Marseille
Current Value: $285 mil.
Revenue 2011-12: $167 mil.
Operating Income 2011-12: -$13 mil.

#20 | Newcastle United
Current Value: $263 mil
Revenue 2011-12: $146 mil.
Operating Income 2011-12: $16 mil.