Real Madrid has overtaken Manchester United as the world's most valuable football club, according to business magazine Forbes. Real Madrid's continuing financial success comes despite the recession in Spain
It is the first time that Man Utd has lost the top spot since Forbes first started compiling its list in 2004.
Forbes now values the Spanish giant at $3.3bn (£2.2bn), with Man Utd in second place on $3.17bn. Barcelona is third.
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