Manchester United may have failed to finish in the top four in the English Premier League for the last two seasons but have been named the most valuable club in the world ahead of Spanish giants Real Madrid.

Professional services firm KPMG’s latest study has United ahead of Madrid and Barcelona despite Red Devils owing almost half a billion pounds of debt. English clubs dominate the list once again with six of the top ten richest sides coming from the EPL.

The clubs were then ranked by a measure used judge how much it would cost to buy any given club as it includes a business’s total debt.

United’s value surged clear of Real Madrid and Barcelona last year, becoming the first club to break the 3billion euros (£2.7billion) mark for enterprise value.

Bayern Munich remain in fourth place, while Manchester City edge past Arsenal to take fifth spot, both with enterprise values of just under £1.7billion.

Chelsea, Liverpool, Juventus and Spurs fill the next four positions, which means six of the 10 are from the Premier League.

In a statement, KPMG’s global head of sports Andrea Sartori said the figures show the growth in the game underpinned by the broadcasting boom and more sustainable management models.

Last year’s Premier League winners Leicester City (16th) and Everton (17th) are the two other English clubs to make KPMG’s top 32, with Scottish champions Celtic being among seven non-ranked ‘runners up’.