Real Madrid have topped Forbes list of the world’s most valuable sports teams for a third straight year.

The Spainish giants head the world rankings with a value of $3.26 billion, ahead of the Dallas Cowboys and New York Yankees – both valued at $3.20 billion.

Forbes’ Kurt Badenhausen said: “Real Madrid won its record 10th Champions League crown in 2014 and had the highest revenue in all of sports at $746 million. Real banked a profit of $171 million on the backs of top talent like Cristiano Ronaldo and Gareth Bale.”

Manchester United drop from third in 2014 to fifth but remain the English Premier League’s most valuable club at $3.10billion, clear of Manchester City ($1.39billion) who are 29th overall, Chelsea ($1.37billion) who sit 31st and 36th-placed Arsenal ($1.31billion).

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Fourth-placed Barcelona ($3.16billion) complete the top five while American sports dominate the rest of the top 10. The NBA’s Los Angeles Lakers and New York Knicks, the New England Patriots and Washington Redskins of the NFL and baseball’s Los Angeles Dodgers all make the top 10.

Ferrari ($1.35billion) rank 32nd, Europe’s only non-football representative.

American business magazine Forbes has been valuing teams in the major sports leagues since 1998 and the average current value of a team on the list is $1.75 billion, the highest ever.