Manchester United were on Tuesday named the most valuable football club for a second year on the trot in the annual list published by Forbes, Reuters reported.

The Red Devils, who snapped Real Madrid’s four-year stay at top of the pile last year, have been valued at $4.12 billion, a 12% jump from 2017.

Not just United, all clubs in the top 20 saw a rise in valuation of about 14%.

Real are second on the list with a valuation $4.08 billion thanks to a 14% rise in value compared to last year. Their arch rivals Barcelona are third on the list with a valuation of $4.06 billion followed by Bayern Munich ($3.06 billion) and Manchester City ($2.47 billion).

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The 10 most valuable football teams (in billions):

1. Manchester United ($4.12)
2. Real Madrid ($4.08)
3. Barcelona ($4.06)
4. Bayern Munich ($3.06)
5. Manchester City ($2.47)
6. Arsenal ($2.23)
7. Chelsea ($2.06)
8. Liverpool ($1.94)
9. Juventus ($1.47)
10. Tottenham Hotspur ($1.23)