Manchester United have been named the world's second most valuable football club behind only Real Madrid despite their recent struggles on the pitch.

Forbes' annual list, external of the world's most valuable football teams ranks United second with a value of $6.6bn (£4.9bn), and a revenue of $834m (£620m) in the 2023-24 season.

According to Forbes, United's value increased by 1% despite finishing eighth in the Premier League table in 23-24 and failing to qualify for the Uefa Champions League.

United did win the FA Cup that season, whereas in 24-25 they finished 15th in the Premier League and lost the Uefa Europa League final.

Ruben Amorim's side will not play European football next season as a result.

Despite on-pitch struggles, debts of £1bn and losses of £113.2m reported in 23-24, United continue to benefit from having one of the strongest brands in all of sport.

The club has a massive global fanbase, built over two decades of dominance in the 1990s and 2000s.

Sir Jim Ratcliffe initiated cost-saving measures after he became a minority owner of the club last year.

Last summer, around 250 staff were made redundant, saving the club an estimated £8m-£10m. A further 200 staff could lose their jobs this summer.

In March, United revealed plans for a new £2bn stadium on the site of Old Trafford.

Real top the rankings with a value of $6.75bn and revenue of $1.129bn, while Barcelona are third.

Manchester City boasted the second largest revenue in 23-24 ($901m), but are fifth in terms of total value ($5.3bn), a 4% rise on the previous year.

Liverpool are the fourth most valuable football club in the world with a value of $5.4bn) and a revenue of $773m in 23-24.

Forbes' team valuations are enterprise values (equity plus net debt) based on historical transactions and the future economics of each league and each team.

Revenue and operating income - such as earnings before interest, taxes, depreciation and amortization - reflect the 23-24 campaign.

The team values include the economics of each team's stadium but not the value of the stadium real estate itself.

Debt is measured in terms of interest-bearing borrowings due in more than one year (including stadium debt).

Forbes' valuations came from club annual reports and documents, team executives, investors, credit rating agency reports and sports bankers.