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Man Utd pipped by Real Madrid as biggest brand in football

Manchester United have been beaten by Real Madrid as football's number one brand.

Brand Finance has published its annual report on European football's most valuable club brands. Last year's "runner-up" is now No 1:

1) Real Madrid (£386m) 2) Manchester United (£373m) 3) Barcelona (£362m) 4) Bayern Munich (£301m) 5) Arsenal (£215m) 6) Chelsea (£200m) 7) AC Milan (£167m) 8) Inter Milan (£160m) 9) Liverpool (£141m) 10) Juventus (£127m)

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