Manchester United valued above $3bn

Manchester United have become the first sports team to be valued at over $3bn, according to Forbes Magazine.

After initially struggling on the New York Stock Exchange, a recent surge in share purchase has seen United's value rise to $3.3bn.

That puts United comfortably ahead of second-placed Dallas Cowboys, who are valued at $2.1bn.

Forbes say that the increase is due to brighter prospects from commercial sponsorship deals and insist that the value could rise further if United continue to do well in the Premier League and Champions League.

The Glazer family retained the majority of shares after floating the club publicly last year.