Spanish champions Real Madrid have retained their place at the top of Deloitte’s list of the richest clubs in the world, ahead of Manchester United.

Thanks largely to the strength of the euro against the pound, the Bernabeau outfit are currently valued at £289.6 million according to their overall revenue from the 2007/08 financial year.

As a result of the downturn in the value of sterling, United (£257.1 million) remain second despite increasing their revenue by 21 per cent year-on-year.

Barcelona maintain their third place from the previous year, with a value of £244.4 million, while German champions Bayern Munich have leapfrogged Chelsea and Arsenal to move up to fourth overall.

Liverpool move up one place to seventh to complete the list of four English clubs in the top seven, while Italian sides AC Milan, AS Roma and Inter Milan round out the top ten.

Tottenham Hotspur have also suffered from the falling value of the pound, dropping from tenth last year to 14th this year, while Newcastle United have fallen from 14th to 17th.

Scottish side Celtic have dropped out of the Deloitte top 20 altogether, where they have been replaced by big-spending Premier League side Manchester City (20th).

Full list of world’s richest clubs (Deloitte Football Money League, 2007/08):

1 (1) Real Madrid £289.6m
2 (2) Manchester United £257.1m3 (3) Barcelona £244.4m
4 (7) Bayern Munich £233.8m
5 (4) Chelsea £212.9m6 (5) Arsenal £209.3m7 (8) Liverpool £167.0m8 (6) AC Milan £165.8m
9 (11) AS Roma £138.9m
10 (9) Inter Milan £136.9m
11 (12) Juventus £132.6m
12 (13) Lyon £123.3m
13 (16) Schalke 04 £117.5m
14 (10) Tottenham Hotspur £114.8m
15 (15) Hamburger SV £101.3m
16 (19) Marseille £100.4m
17 (14) Newcastle United £99.4m
18 (-) VfB Stuttgart £88.3m
19 (-) Fenerbahce £88.1m
20 (-)Manchester City £82.3m