Real Madrid reclaim top spot from Man City as Europe's most valuable club, but the Premier League dominates the top 10, as AC Milan make the biggest gains with investment in Italy growing

Spanish giants Real Madrid have reclaimed their position as Europe's most valuable football club. 

Los Blancos - who go in search of a record-extending 15th Champions League win, having already secured the LaLiga title this term - have been valued at £4.4billion, according to the annual ranking of the 32 most valuable football clubs in Europe by Football Benchmark, an economic data platform.

Manchester City had overtaken Madrid last year but fall to second in the standings with a valuation of £4.3bn, though they will be thrilled to still be clear of their city rivals United, with a valuation of £4.2bn. 

In total, six Premier League clubs make up the top 10 of the list, with Liverpool, Tottenham, Chelsea and Arsenal joining their English rivals in fifth, seventh, ninth and tenth-place respectively. 

Remarkably, all clubs within the top 10 have a valuation in excess of €3bn, compared to Football Benchmark's first report in 2016 when no club had exceeded this milestone. 

In all, the aggregate value of the top 32 clubs reached 51.2bn, a growth of 12 per cent since 2016, and an increase of 1 per cent over the previous year. Premier League clubs accounted for 44 per cent of the aggregate value.

Joining the English top-flight sides in the top 10 are European giants Bayern Munich, who leapfrogged Liverpool into fourth, Barcelona and PSG. 

Champions League finalists Borussia Dortmund narrowly missed out on a place in the elite group with an evaluation of £1.6bn that puts them in 11th. 

Eden Terzic's side have enjoyed a nine per cent increase from 12 months prior. 

The year-on-year growth is driven by three key factors: the increase in revenue multiples seen in the market, a substantial increase in operating income - driven by growth in commercial and post-COVID matchday revenues - and improved financial sustainability across the board. 

On the other end of the scale is Juventus in 12th-place, whose tumultuous season has seen them suffer a 5 per cent decline in valuation. Atletico Madrid suffered a similar hit, with them eight per cent worse off than a year ago. 

Though, those figures are nothing compared to Ligue 1 side Lyon, who suffered a 13 per cent reduction in their numbers this term. That was still outdone by recently crowned Europa League champions Atalanta, who recorded a decline a 19 per cent. 

The drop off was mainly due to their absence from Europe in the 2022-23 campaign but given their recent success, they will likely shoot up the list next term. 

The biggest gains among the top 32 were enjoyed by Arsenal and AC Milan, who both saw a 35 per cent increase in their valuations. 

The Gunners have mounted title challenges in each of the last two seasons and reached the quarter-final of the Champions League this term. 

Milan have similarly been in Europe's premier competition for the past four seasons and ended the last domestic campaign behind only the eventual winners.