Barcelona have for the first time been named the world's most valuable football club, according to Forbes, knocking Real Madrid off top spot.
For the previous 16 years, either Real Madrid (five times) or Manchester United (11) have occupied the top of the rankings, but Barca – valued at $4.76 billion – have edged ahead of their fierce rivals.
Barcelona's rise, thanks to an 18 per cent increase over the past two years since Forbes published their last list, comes amid turmoil at the club. Barca have been hit particularly hard financially by the coronavirus pandemic, while the future of captain and star player Lionel Messi remains uncertain.
However, despite the financial consequences of the pandemic, the world's top 20 clubs have seen an average 30 per cent increase in value over the past two years. Average revenue for the top 20 clubs was $441m for the 2019/20 season, representing a drop of 9.6 per cent from 2017/18, while average operating income declined by 70 per cent to $23m.
Those figures are expected to drop further when it comes time to assess the finances of the ongoing 2020/21 season, which has seen a campaign played almost entirely without matchday spectators.
Among the biggest risers on Forbes' list includes Premier League champions Liverpool, who saw a two-year value increase of 88 per cent, Germany's Borussia Dortmund (112%) and French champions Paris Saint-Germain (129%).
Meanwhile, AC Milan, AS Roma, and West Ham United all saw decreases in value while remaining in the top 20.
For the full rankings of Forbes' top 20 most valuable football clubs, scroll through the photo gallery above. To move on to the next photo, click on the arrows or if using a mobile device, simply swipe.
Which football club is the most valuable in the world?
1. Barcelona, $4.76 billion
2. Real Madrid, $4.75 billion
3. Bayern Munich, $4.215 billion
4. Manchester United, $4.2 billion
5. Liverpool, $4.1 billion
6. Manchester City, $4 billion
7. Chelsea, $3.2 billion
8. Arsenal, $2.8 billion
9. Paris Saint-Germain, $2.5 billion
10. Tottenham Hotspur, $2.3 billion
11. Juventus, $1.95 billion
12. Borussia Dortmund, $1.9 billion
13. Atletico Madrid, $1 billion
14. Inter Milan, $743 million
15. Everton, $658 million
16. AC Milan, $559 million
17. AS Roma, $548 million
18. West Ham United, $508 million
19. Leicester City, $455 million
20. Ajax, $413 million