Manchester United have lost over 10 per cent in value over the last 12 months.
United's horror season has seen the club's value plummet by 11 per cent, says the Daily Mail.
The top 10 compiled by Forbes sees Premier League champions elect Manchester City as one of the highest gainers - adding 25 per cent to their value, coming in at £508million.
THE FORBES TOP 10 MOST VALUABLE CLUBS
1) Real Madrid - £2billion (Up 4%)
2) Barcelona - £1.9billion (Up 23%)
3) Manchester United - £1.65billion (Down 11%)
4) Bayern Munich - £1.1billion (Up 41%)
5) Arsenal - £767million (Zero Change)
6) Chelsea - £511million (Down 4%)
7) Manchester City - £508million (Up 25%)
8) AC Milan - £504million (Down 9%)
9) Juventus - £501million (Up 22%)
10) Liverpool - £407million (Up 6%)