Barcelona have leapfrogged Spanish rivals Real Madrid to become the world's most valuable football club with a valuation of £3.46 billion, according to a list published by business magazine Forbes on Monday.
Real Madrid, who have topped the list five times in the past, edged Barcelona 2-1 in 'El Clasico' on Saturday but find themselves second best off the pitch with a valuation of £3.46 billion.
"The pain is far from over, with a worsening decline in matchday revenue during the current season, as most of the teams in Europe's top leagues still permit few fans to attend games," wrote Forbes' assistant managing editor Mike Ozanian.
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European champions Bayern Munich (£3 billion) are third on the list.
French champions and last year's Champions League runners-up Paris St Germain moved up to ninth after being valued at £1.82 billion with a 129% increase in two years - the biggest increase among the top 10 clubs.
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