Real Madrid have been named the richest club in the world for the seventh straight year with revenues of €480m (£433m ), according to Deloitte's Football Money League.

Based on revenue from the 2010/11 season, the Deloitte league table, placed Real Madrid's arch-rivals Barcelona in second place with revenue of €450.7m (£407m) and Manchester United third with €367m (£349m)

Bayern Munich, Arsenal and Chelsea are fourth, fifth and sixth respectively. AC Milan were named the seventh richest club in Europe, meaning the top seven clubs stayed in exactly the same positions as in the previous year.

Internationale, Liverpool and Schalke make up the rest of the top ten. German club Schalke are expected to be edged out of the top ten next year by Abu Dhabi owned Manchester City after its participation in this year's Champions League, despite being knocked out of the group stage.

The gap between the Real Madrid and Barcelona ad third placed Manchester United is expected to increase next year after United's failure to qualify for the knockout stages of the Champions League this season.

The top 20 clubs from the list were all from the 'Big Five' European leagues of Spain, Italy, Germany, England and France, with a combined revenue of €4.4bn (£4bn), a rise of 3 percent on the previous year.

The Premier League has kept its position as the dominant financial force in world football in the Money League, with six of the world's 12 richest clubs by revenue based in England.

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