Real Madrid, Manchester United Top Forbes' Most Valuable Soccer Teams List for 2023

Real Madrid may not have successfully defended its Champions League crown this season, but the Spanish giant can at least lay claim to being the most valuable soccer club in the world.

With a valuation of $6.07 billion, Madrid eclipsed Manchester United ($6 billion) in Forbes' annual ranking and retained the top spot from 2022. Barcelona fell from second to third behind the Red Devils.

Here's how the top 10 shakes out:

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World's Most Valuable Soccer Clubs

1. Real Madrid ($6.07 billion) 
2. Manchester United ($6 billion) 
3. Barcelona ($5.51 billion) 
4. Liverpool ($5.29 billion) 
5. Manchester City ($4.99 billion) 
6. Bayern Munich ($4.86 billion) 
7. Paris Saint-Germain ($4.21 billion) 
8. Chelsea ($3.1 billion) 
9. Tottenham Hotspur ($2.8 billion) 
10. Arsenal ($2.26 billion)

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As expected, the Premier League is well represented. England has six clubs in the top 10 and 12 in the top 30.

The 2023 rankings also reflect the growing financial might of Major League Soccer. Los Angeles FC became the first U.S. team to hit a $1 billion valuation when Forbes did its projections in February. The Los Angeles Galaxy ($925 million) follow closely behind.

Sportico's Kurt Badenhausen detailed how the lack of promotion and relegation in MLS both help to stabilize the value of each individual club and create "its own kind of scarcity."

Elsewhere in the world, you can purchase a club in a lower league at a bargain price in the hope your investment pays off as it works its way up the pyramid. That's simply not possible in the United States because MLS is a closed league.

Broadly speaking, it will be fascinating to see how much Forbes' valuations evolve over the course of the 2023-24 season.

Even after pulling all of its economic levers, Barcelona's finances aren't much better than they were a year ago. The club has to significantly lower its payroll in order to make any new signings in the summer.

Neither Chelsea nor Tottenham Hotspur will have the riches that come with competing in the Champions League next season, which will put a dent in their bottom line.

Newcastle United, on the other hand, figures to be a big riser after securing its place in Europe's top competition. The Magpies saw their valuation increase by 51 percent to $794 million already.

Leicester City will in all likelihood miss the cut altogether after getting relegated from the Premier League. The 2015-16 champion finished 18th in the table and will be competing in the EFL Championship next year.

Financial analyst Kieran Maguire told The Athletic's Rob Tanner in March that Leicester stood to lose more than £100 million in television revenue by falling out of the top tier.

"Their commercial revenue would probably half," Maguire said. "It wouldn't have a significant impact on matchday income as they will probably have a good season and sell out, but I think they can expect a decrease in income in the region of £120 million at least. It could be more. That has to be addressed by cost control."

Buying an MLS club isn't sounding so bad.