Real Madrid are the world’s most valuable football brand, according to a newly published list which puts them ahead of Barcelona and Manchester United.

This is the third year in a row that Real Madrid claimed top spot and they are one of five clubs valued at over one billion euros.

The study conducted by Brand Finance under the name Football 50 2021, sees six English clubs make the top 10.

Los Blancos’ constant Champions League participation has been highlighted as a key factor in their brand’s value.

“[Real Madrid] have been able to consistently assure Champions League qualification year after year,” reads Brand Finance’s report.

“This constant income flow and the status of the Champions League have played a central role in the general success of the club.”