Manchester United have slipped to fourth place in Deloitte's annual Football Money League report ranking the world's richest clubs.
The Red Devils' total revenue has increased from £323.7m to £346.5m since last season, but Bayern Munich beat them to third place following a successful European campaign.
Real Madrid topped the Money League for a record ninth consecutive year with total revenue of £424.2m, followed by Spanish rivals Barcelona.
Four other English Premier League clubs made the top 20, with Manchester City in sixth, Chelsea in seventh, Arsenal in eighth, and Tottenham Hotspur in 14th.
Paris Saint-Germain were named as this year's fastest climbers, rising to fifth place with revenue that has quadrupled to £326m since the 2010-11 season.
Turkish sides Galatasaray and Fenerbahce also featured in the top 20 off the back of European campaigns, marking the first time that two clubs from outside the top five European leagues have made the list.