Manchester United has been ranked as the second most valuable sporting team in the world

Manchester United has been named as the second most valuable sports team on the planet, according to Forbes.

The English Premier League club is worth an incredible £3.16billion according to the magazine, coming in ahead of rivals such as Real Madrid, Bayern Munich and Manchester City.

United failed to lift a single trophy last season, finishing a distant 19 points behind neighbours City in the league, but the top brass at the club can be content in the knowledge that their brand is still thriving.

The Red Devils who won the 2017 Europa League are ahead of both La Liga giants Real Madrid and Barcelona in the list, who are third and fourth and valued at £3.13bn and £3.11bn respectively.

Bayern Munich is the only other football team outside the Premier League to make the list, sitting 12th and valued at £2.35bn.

City is 30th (£1.89bn), while Arsenal (£1.71bn) is worth more than London rivals Chelsea (£1.58bn), with the pair ranked at 39th and 46th on the list.

“There has never been a better time to own a top-notch pro sports franchise,” said Kurt Badenhausen, a senior editor at Forbes.

“Blockbuster TV contracts and owner-friendly collective bargaining agreements are fueling record sale prices across major sports leagues.”

There were a whopping 29 NFL teams on the list, including top of tree Dallas Cowboys, who are worth a jaw-dropping £3.67bn.

US sports dominated the list, with eight NBA teams also included, and six MLB franchises.

In a sign of the difficult times facing motor racing, not one Formula One team featured in the Top 50.

TOP 10 FORBES LIST

1. Dallas Cowboys £3,67bn (NFL)

2. Man Utd £3.16bn (football)

3. Real Madrid £3.14bn (football)

4. Barcelona £3.11bn (football)

5. New York Yankees £3.07bn (MLB)

6. New England Patriots £2.84bn (NFL)

7. New York Knicks £2.76bn (NBA)

8. Los Angeles Lakers £2.53bn (NBA)

8. New York Giants, £2.53bn (NFL)

10. Golden State £2.38bn (NBA)

30. Man City £1.89bn (football)

39. Arsenal £1.71bn (football)

46. Chelsea £1.58bn (football)