Manchester United, Real Madrid Rated Most Valuable Football Clubs in KPMG Study

Manchester United and Real Madrid have been deemed the two most valuable football clubs in the world, according to a study conducted by auditing company KPMG. 

Per ESPN FC's Ian Holyman, each club boasted an estimated worth of €2.9 billion (£2.5 billion) at the end of the 2015-16 season, just beating Barcelona, who had a worth of €2.8 billion (£2.4 billion).

The drop-off in value from there is significant as Bayern Munich followed in fourth with a value of €2.2 billion (£1.89 billion), and another Premier League club, Arsenal, round out the top five with a worth of €1.7 billion (£1.45 billion)

The news will be welcome at Old Trafford considering the club has been struggling to retain its status as a European giant on the pitch since Sir Alex Ferguson's departure as manager in 2013.

Jean-Luc Leroux, KPMG's Head of Sports Network, explained the factors that go into determining the world's most valuable clubs, with player value, stadium ownership and TV rights among the most prevalent:

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It's a study that associates several criteria.

These include the popularity of clubs with their number of followers on social media, their sporting potential given the value of their players, TV rights and their ownership situation, notably of the stadiums.

It allows clubs to compare themselves with each other, to see where they are in the European hierarchy and how they progress from one season to another.

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Since 2013 results in the Premier League and Europe have slipped from their former glory, but big-name signings along with the club's existing support appears to have kept their brand intact.

United returned as the world's most valuable outfit earlier this year, per the Guardian's Ed Aarons.

Emmet Malone of the Irish Times commented on those results in the Deloitte Money League:

Ligue 1 titans Paris Saint-Germain have a worth of €843 million (£723 million), although Holyman said French daily L'Equipe reported their hope is to increase that figure to €1.5 billion (£1.3 billion) by 2020.

Considering the club was worth €100 million (£85.7 million) when Qatar Sports Investments (QSI) took over in 2011—showing an increase of more than eightfold in six years—that aim may well be realistic.

The Premier League remains the most heavily represented division in the top 10 of KPMG's study as Manchester City, Chelsea and Liverpool boast respective worths of €1.6 billion (£1.4 billion), €1.5 billion (£1.43 billion) and €1.3 billion (£1.1 billion).

United's recent troubles may have affected on-field performances in recent years, but with the likes of Paul Pogba, Zlatan Ibrahimovic and others at Old Trafford, the Red Devils remain on top of the value table nonetheless.