Football Benchmark and KPMG’s Sports Advisory Practice have unveiled their list of 2020’s most valuable clubs in Europe. adidas-sponsored Real Madrid and Manchester United retain their standing as the first and second most valuable club in Europe, with valuations of 3.47 billion and 3.34 billion Euros respectively (approximately 3.86 and 3.72 billion USD).

Barcelona has regained the third overall spot, with Germany’s Bayern Munich falling to fourth, while Liverpool — off the back of winning the UEFA Champions League last year and the announcement that Nike will take over as its main sponsor next season — has leapfrogged fellow Premier League sides Manchester City and Chelsea to land in fourth, at an estimated valuation of $2.9 billion.

Making up the rest of the top 10 are Tottenham Hotspur in eighth and valued at $2.2 billion, Paris Saint-Germain in ninth at $2.1 billion, and Arsenal in tenth at $2 billion. Cristiano Ronaldo’s Juventus slide out of the top 10 this year, marking the first time since the analysis began in 2016 that there is no Italian club present in the top 10.

The Premier League remains the most valuable league in the world, with six teams in the top 10. The analysis covers the 32 most valuable football clubs in Europe, of which nine are English, seven are Spanish, six are Italian, and three are German. The rest of the clubs come from France, Netherlands, Turkey, and Portugal.

For the full findings, read the report here.