French champions Paris St Germain have overtaken Manchester City as the most financially powerful club in world football, the annual Soccerex Football Finance 100 report showed.
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 ($75.87 million) over the last year while City's debt levels had increased by more than 90 million euros.
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.
Europe's elite sides accounted for 80% of the top 30 but almost half of those clubs are owned by non-European entities, including organisations and individuals from the Middle East, North American and Southeast Asia, the report said.
The English Premier League is represented by 18 clubs in the top 100, while the U.S. Major League Soccer (MLS) was the next best with 17.