Real Madrid dropped its brand value by 14 per cent to reach €1,416 billion but continued to lead the table among the most valuable football clubs according to a report by Brand Finance.
Real Madrid were followed by La Liga rivals Barcelona, who overtook Manchester United to reach second.
Manchester United were third on the list followed by this year's Premier League champions Liverpool, who were the biggest gainers among the top 10 on this report.
Completing the top 10 were Manchester City (5th), Bayern Munich (6th), PSG (7th), Chelsea, (8th), Tottenham Hotspurs (9th) and Arsenal (10th).
The overall brand value of the top 50 football club brands declined by 2 per cent.
With a Brand Strength Index (BSI) score of 94.9, Real Madrid have also held on to their title of the strongest brand in football. FC Barcelona are second on this list too.
Liverpool eclipsed its rivals Manchester United (4th position) and Bayern Munich (5th position) for the first time by climbing 2 spots in the ranking to become the 3rd strongest football brand in 2020.
Liverpool’s brand has been strengthened by pitch performances, such as winning the Champions League in 2019 and securing the Premier League in 2020.
Richard Haigh, MD, Brance Finance, said, "Top level football has been confronted with the largest existential threat since the Second World War. Loss of income, coupled with health concerns about mass gatherings, have raised question marks about the future of the industry and the financial resilience of clubs across all levels. The full damage of the COVID-19 crisis has yet to unfold and it is not inconceivable there will be casualties in the form of club bankruptcies and changes in ownership."
Brand Finance is a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales (ICAEW).