Real Madrid and Barcelona were the top-earning European football clubs in 2008-09 according to a study by Spanish company Prime Time Sport.Manchester United dropped from second to fourth place in the year, overtaken by Barcelona, who rose to second, and Arsenal.

The study said Real turned over €407 million, up from €366 million the previous season.

La Liga and Champions League winner Barcelona earned €385 million.

Arsenal's €357 million revenues were boosted by £88 million from the sale of property on the site of its old stadium, Highbury.

Premier League champions Manchester United earned €317 million.