Real Madrid and Manchester United are the richest clubs in Europe, according to a study by Dutch auditors KPMG.

Both clubs have been valued at 2.9 billion euros ($3.2 billion) according to KPMG, which looked at 32 major European clubs.

Barcelona were next in the list at 2.7 billion euros followed by Bayern Munich (2.1bn) and Arsenal (1.6bn).

The top three clubs together account for almost a third of the 26.3 billion euros total value of the 32 clubs, according to KPMG.

Despite little recent success on the European stage, English clubs make up 40 percent of the total value before even taking into account the £5.1 billion (6.7bn euros, $7.5bn) television deal that will kick in next season.

Spain's La Liga, which provided for the second time in three years both Champions League finalists and for the third year in a row Europa League winners Sevilla, comes next.