Manchester United Football Club (MUFC) has been confirmed as the world's most valuable football club by US business magazine, Forbes.

The Premier League club is said to be worth US$1.84bn (£1.2bn) - more than US$500m (£325.2m) ahead of second-placed Real Madrid, which is valued at US$1.32bn (£858.6m). Arsenal, Liverpool and Chelsea also form part of the Forbes list of the top 20 most valuable clubs, although Manchester City and Newcastle United have seen their worth decrease.

The data used to compile the list includes income from the sale of broadcast rights, tickets and merchandise, as well as sponsorship agreements. Player transfer sales are not included. However, the Forbes study contrasts with research carried out by business advisory firm Deloitte as part of its annual Football Money League.

According to Deloitte figures published in March, Real Madrid has become the first sports team to generate €400m (£346m, US$532m) in revenue. Meanwhile, Spanish club FC Barcelona moved ahead of MUFC into second place as a result of on-field success.