Manchester United is the most valuable football club in the world — even though it's hardly winning anything

Manchester United and Real Madrid have come joint-first in KPMG's "European Elite" football club valuation rankings.

Despite United's relative lack of success recently, the accountancy firm estimates it is worth around €2.9 billion (£2.2 billion; $3.24 billion), a testament to how strong the team's brand remains worldwide.

The findings also suggest that Manchester United is worth a lot more than its current $17 dollar per share New York Stock Exchange valuation, which translates to €2.5 billion, according to Bloomberg.

Real Madrid, which plays rival Atletico Madrid in the Champions League final on May 28, received the same valuation. The club recently topped Deloitte's football club rich list, with revenues of €577 million in the 2014/15 season.

English teams dominated KPMG's list, with 5 of the top 10 playing in the Premier League. Much of this is down to significantly increased broadcast earnings, which the report says surpasses the revenues by other leagues on the continent:

Thanks to a deal signed at the beginning of 2015 and despite the booming price of domestic broadcasting rights across Europe, the difference in terms of revenues among the leading European leagues and the English Premier League has widened significantly. The competition between Sky and BT Sport has led to a remarkable sum being offered: close to €2.4 billion per season for the 2016-19 period.

But increased TV revenues alone may not be enough to keep Manchester United in first place for long.

Despite winning the 2016 FA Cup, the team has had a trophy drought since manager Alex Ferguson left three years ago. It dismissed Louis van Gaal from coaching duties on Monday after the club finished fifth in the Premier League, with Jose Mourinho currently in talks to take his place.

KPMG’s global head of sports Andrea Sartori told City AM that failing to qualify for the Champions League would cost United:

Real Madrid has been significantly more successful on the pitch than Manchester United in the past three years. It has played regularly in the final stages of the Champions League. Two years ago they won it, this year they’re in the final. United are going to miss the revenue that comes from qualifying for the Champions League next season.

Source: Business Intelligence