The Brand Finance Football 50 ranked the Northern club at the top of the table, making it the sport’s first $1bn brand.

It grew 63% taking it to a valuation of $1.2bn, overtaking German club Bayern Munich, which was ranked number two with a brand value of $933m.

Brand Finance CEO David Haigh said: “Manchester United’s success has been masterminded by Ed Woodward, he (and United’s owners the Glazers) capitalised on the brand’s growing power to establish a worldwide fan-base and a range of sponsorship deals unrivalled in their number and value. The decision to list the club on the New York Stock Exchange in 2012 is further evidence of United’s commercial competency.”

The club’s sponsorship deals have proved very valuable. The current shirt deal with Chevrolet (£47m per year) is worth more than double that with previous partner AON. In 2014, Nike ended its longstanding relationship with United, but Adidas soon stepped in as kit provider for the next 10 years, in a deal worth £750m ($1.1bn). On an annual basis, this is more than triple the £23.5m ($36m) per year Nike had been paying.

And although Barcelona won the Champions League, along with its other success of the season (it won La Liga title and the Copa del Rey making it the first club to win the treble twice) it did not build its brand valuation to the same extent as rivals Real Madrid. While Barcelona was worth $773m, Real Madrid was $873m.

Other UK clubs in the top five were Manchester City on $800m and Chelsea on $795m.