Manchester United have dropped out of the top three most valuable football clubs in the world, according to a list compiled by Forbes.

Barcelona have overtaken La Liga rivals Real Madrid to take top spot with a $4.76bn (£3.5bn) valuation.

United are fourth with a valuation of $4.2bn (£3.05bn), while Bundesliga champions Bayern Munich move to third.

Premier League sides Liverpool, Manchester City, Chelsea, Arsenal and Tottenham also make the top 10.

Everton, West Ham and Leicester are 15th, 18th and 19th respectively.

Forbes said the average worth of clubs in the top 20 had increased by 30% in the last two years, despite the impact of the Covid-19 pandemic.

Matchday revenue fell to $441m (£320m) last season, a 9.6% decrease from the 2017-18 season.

Despite the club's drop in overall valuation, United had the biggest operating income ($167m/£121m) of the top 20 during the 2019-20 season, and made $643m (£468m) in revenue.