The French powerhouse and reigning champions Paris Saint Germain have dethroned English club Manchester City as the most financially powerful club in world football, the annual Soccerex Football Finance 100 report showed.
Eight-time French league winners PSG topped the 2020 edition with a football finance index score of 5.318, which is based on the value of the current squad, tangible assets, finance available in their accounts, potential owner investment and net debt.
The study said PSG had reduced their debt by 70 million euros (£58.2 million) over the last year while City's debt levels had increased by more than 90 million euros. Since been taken over by the riches of State of Qatar backed Qatar Sports Investments (QSI), the club has grown exponentially - financially and professionally.
Bayern Munich came third with Tottenham Hotspur and Real Madrid completing the top five.
Manchester United fell eight places from last year to 16th in the report, mainly due to the depreciation in squad value and an increase in cash debt. The 20 time English champions are struggling to keep pace with eternal rivals Liverpool and Manchester City and have not won a title since 2013.
"This year's report paints a positive picture of football's collective financial health, but it also highlights the growing imbalance between the power of Europe's modern elite, with some of the game's heritage brands in danger of being left behind," Philip Gegan, Soccerex managing director, said.
"Despite Europe's dominance, football is very much a global game with investment from football's emerging markets very much underpinning its continued growth."
The English Premier League is represented by 18 clubs in the top 100, while the US Major League Soccer (MLS) was the next best with 17.
With inputs from Reuters