Arsenal are the big movers in football's rich list.
The Deloitte Football Money League sees Real Madrid and Barcelona secure the top spots but mainly due to the continuing decline of the pound against the euro.
The most notable change in the list, based on clubs' revenue excluding transfer fees, sees Arsenal leapfrog Chelsea with the Gunners recording a 7 per cent rise in revenue to £224million compared to their London rivals' £206million - a 3 per cent fall in revenue.
Real Madrid has topped the 'rich list' for the last five years but Barcelona's unprecedented success last season where they won five trophies has seen them overtake Manchester United despite a 9 per cent rise in income at Old Trafford.
Dan Jones, partner in the sports business group at Deloitte, told the Daily Mail: "Chelsea's revenue has dropped because last season was a bit worse than usual on the pitch, they had frozen season ticket prices and there was not a lot going on in big new commercial developments.
"Arsenal have the advantage in matchday income with a new 60,000-seater stadium and they made the semi-finals of both the Champions League and the FA Cup.
"All the English clubs were impacted by the continuing depreciation of the pound against the euro and the scale of this is shown by the fact that if exchange rates remained at their June 2007 level, United would be top of the money league table."
Deloitte Football Money League - top ten:
1 (1) Real Madrid £341.9million
