ZUG, Switzerland - Real Madrid has overtaken Manchester United and been named most valuable European football club, being worth about €3.22bn (£2.91bn), says KPMG.

The Spanish club tops KPMG's study of top sides' "enterprise value".

The report, based on the 2016-17 and 2017-18 seasons, studied profitability, broadcasting rights, popularity, sporting potential and stadium value.

Champions League finalists Liverpool and Spurs are in seventh and ninth places in the rankings.

And Europa League finalists Chelsea and Arsenal are in sixth and eighth spots.

Manchester City is in fifth place, meaning there are a total of six English clubs in the top 10.

Real Madrid won the Champions League during the two seasons which the data covers. increasing its enterprise value by 10%.

Scottish treble winner Celtic are included in the list of 32 major clubs, the first team from the country to be so.

Andrea Sartori, KPMG's global head of sports and the report's author, said the overall value of the football industry had grown by 9% over the past year.

"The overall enterprise value of the top 32 clubs is driven primarily by an aggregate 5% increase in total operating revenues," he said.

"On the other hand, staff costs continued to grow too, with the average staff costs-to-revenue ratio of the top clubs increasing by four percentage points, up to 63%."

Top 10 European clubs by 'enterprise value'
Real Madrid - €3.224bn
Manchester United - €3.207bn
Bayern Munich - €2.696bn
Barcelona - €2.676bn
Manchester City - €2.460bn
Chelsea - €2.227bn
Liverpool - €2.095bn
Arsenal - €2.008bn
Tottenham - €1.697bn
Juventus - €1.548bn
Source: KPMG(FA)