Real Madrid named 'most valuable team'

(CNN) -- Real Madrid have leapfrogged Manchester United as the most valuable sports team in the world, according to a list released by Forbes on Monday.

The nine-time European champions have risen to the top of the list, overtaking English Premier League team Manchester United, with the U.S. business magazine valuing Real at $3.3 billion.

Los Blancos' revenue of $650 million is the highest in sport, while the Spanish team's income of $134 million is second only to that of National Football League (NFL) franchise the Dallas Cowboys.

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Real's coffers have swelled thanks, in part, to a kit deal with German sports brand Adidas, worth $42 million per year, and a $39 million five-year sponsorship agreement with airline Emirates.

English champions United sit second on the list, with an estimated value of $3.17 billion. The Old Trafford team, owned by the American Glazer family, announced a seven-season shirt sponsorship agreement with Chevrolet in 2012 worth $559 million.

Real's archrivals Barcelona complete a top three dominated by football teams. The Spanish title winners are valued at $2.6 billion.

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United's EPL rivals Arsenal are the only other soccer club to feature in the top 10, with the north London team sitting 10th on the list with an estimated value of $1.33 billion.

The remaining six spaces in the top 10 are taken by U.S. sports franchises.

Major League Baseball's New York Yankees are fourth on the list, valued at $2.3 billion, while NFL teams the Cowboys and the New England Patriots are fifth and sixth worth $2.1 billion and $1.64 billion respectively.

The average worth of the teams inside Forbes' top 50 has risen to $1.24 billion, an increase of 16% from 2012.

American football is the best represented sport on the list, with 30 of the NFL's 32 franchise included in the top 50.

Baseball and soccer both have seven teams on the list, while the NBA contributes three franchises.

Formula One team Ferrari, at 21, are the highest-ranked motorsport manufacturer.

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