Manchester United are the most valuable football club in the world, according to Forbes magazine.

The Champions League finalists, who came second in a list compiled by accountants Deloitte in February, topped the table ahead of Real Madrid.

Forbes value United at �905m ($1,800m) and Real at �646m ($1,285m), with Arsenal at �603m ($1,200m) in third.

Liverpool are up to fourth from 11th in the 25-team list, while Celtic are the only Scottish team, in 20th place.

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The other British representatives in the 25-team list are Chelsea in eighth, fellow Londoners Tottenham in 12th and 16th-placed Newcastle, while Everton, West Ham, Manchester City and Aston Villa occupy places 21-24.

Meanwhile, David Beckham has replaced Ronaldinho as the world's highest-paid footballer after joining the Los Angeles Galaxy, earning �25m per year ($48.9m).

The Brazilian had to be content with second place while his Barcelona team-mate Thierry Henry earned �12.5m in salary and sponsorship deals this season.