French champions Paris St-Germain (PSG) have overtaken Manchester City as the most financially-powerful club in world football, the annual Soccerex Football Finance 100 report has showed.
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PSG topped the 2020 edition with a football finance index score of 5.318.
This 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 Manchester 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 per cent of the top 30 but almost half of those clubs are owned by non-European entities.
These include organisations and individuals from the Middle East, North America and South-east Asia, the report said.
“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.
“In spite of 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 (EPL) is represented by 18 clubs in the top 100, while the U.S. Major League Soccer (MLS) was the next best with 17.
Los Angeles Football Club were rated highest from the MLS in 18th spot ahead of local rivals LA Galaxy at number 22.