Despite their record financial results last week, Arsenal still lag behind in brand value, it has been revealed.

The Times says BBDO Consulting has released a report on the "brand value" of Europe's football clubs and the top two places are filled by Spain. Although the values are little more than a marketing exercise, they demonstrate what the accountants think.

Real Madrid are top, valued at a shade more than €1 billion (about £696 million), with Barcelona second at €948 million. Manchester United are third with a notional value of €922 million, followed by Chelsea at €828 million, although these calculations were before the José Mourinho debacle.

Arsenal come in eighth at €712 million and Liverpool are tenth, with their brand value calculated at €645 million.