Cristiano Ronaldo and Real Madrid eliminated Manchester United from the Champions League.
Cristiano Ronaldo and Real Madrid eliminated Manchester United from the Champions League.
Jasper Juinen/Getty Images

Real Madrid has passed Manchester United as the most valuable football team in Forbes' annual estimates.

Forbes valued Real Madrid at $3.3 billion in rankings released Wednesday, up from last year's estimate of $1.88 billion.

Manchester United, which had been No. 1 since Forbes started the list in 1994, was second at $3.17 billion, a 42 percent increase. Barcelona was third at $2.6 billion, followed by Arsenal ($1.33 billion), Bayern Munich ($1.31 billion), AC Milan ($945 million), Chelsea ($901 billion), Juventus ($694 million), Manchester City ($689 million) and Liverpool ($651 million).

AC Milan was the only team among the top 10 estimated to decline in value over the past year, dropping 4 percent.

Earlier this month, Forbes estimated the New York Yankees had the highest value in Major League Baseball at $2.3 billion. In September, it said the Dallas Cowboys were tops in the NFL at $2.1 billion.

Among players, Forbes estimated Paris Saint-Germain midfielder David Beckham as the highest earner at $50.6 million, with $44 million from endorsements. Real Madrid forward Cristiano Ronaldo was second at $43.5 million ($21.6 million in endorsements) and Barcelona forward Lionel Messi third at $40.3 million ($20 million in endorsements).

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