Another English side Tottenham Hotspur and Scottish giants Celtic are also included in the top twenty, alongside the more surprising entry of the near-bankrupt Leeds United.
The financial table is based upon findings from the 2002/2003 season.
1. Manchester United £167,83m
2. Juventus £145.75m
3. AC Milan £133.66m
4. Real Madrid £128.5m
5. Bayern Munich £108.6m
6. Inter Milan £108.4m
7. Arsenal £99.87m
8. Liverpool £99.74m
9. Newcastle United £92.73m
10. Chelsea £89.32m
11. AS Roma £88.39m
12. Borussia Dortmund £82.78m
13. Barcelona £82.38m
14. Schalke 04 £79.17m
15. Tottenham Hotspur £63.81m
16. Leeds United £61.41m
17. Lazio £59.34m
18. Celtic £58.07m
19. Olympique Lyonnais £56.27m
20, Valencia £53.73m