They say United's brand is worth $739m, down $98m on last year.

 

That makes it the third most valuable football brand after Bayern Munich and Real Madrid.

 

Real Madrid's victory in the Champions League final on Saturday helped boost its brand value. The club already has the biggest sales of any football club.

 

 

The authors say an improvement in the Spanish economy could help the club retain the top brand spot.

 

And they add that "with arguably the finest player in the world in the shape of Ronaldo" and now a first Champions League title since 2002, "Real's brand is back on a solid footing".

 

Gareth Bale helped Real Madrid win their 10th European Cup as they finally overcame neighbours Atletico Madrid in a compelling Champions League final in Lisbon.

 

But despite Real's strong season, Bayern Munich has the most valuable brand in football for the second year running according to the report. 

 

The authors point to the Bavarian club's record points haul in winning the Bundesliga title in the 2013-14 season.

 

English clubs Manchester City, Arsenal¹, Chelsea and Liverpool are placed from fifth to eighth most valuable.

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