Treble-chasing Manchester City have surpassed Real Madrid as football’s most valuable brand.

City, who can add the Champions League to their Premier League title and FA Cup win if they beat Inter Milan this Saturday, have seen their brand value soar 15 per cent this year to £1.29 billion ($1.6 billion).

That saw them overtake reigning European champions Real Madrid, whose brand value dropped three per cent to £1.26 billion ($1.56 billion), according to an analysis by Brand Finance.

City’s on-field success, especially this season as they chase an historic triple trophy haul, plus the continued expansion of the Etihad Stadium, has boosted their international exposure and prestige, leading to greater sponsorship and commercial appeal.

They thrashed Real 4-0 in the second leg of the Champions League semi-final and have now beaten them in terms of brand value too. However, Brand Finance said Real remained the strongest brand in world football and were most likely to be considered “the best club in the world” by fans.

Barcelona came third in the ranking, with a five per cent increase in brand value to £1.185 billion ($1.47 billion) with Manchester United leaping ahead of rivals Liverpool into fourth spot. However, the two north-west rivals could barely be separated, with United worth £1.174 billion ($I.48 billion) (up 11 per cent) and Liverpool £1.173 billion ($1.46 billion) (up nine per cent).

United’s successful season under Erik ten Hag had “reconnected the team with the fans and laid the foundations for a renewed bid for future success,” the report said. Paris Saint-Germain and Bayern Munich occupied sixth and seventh spots before three Premier League clubs – Arsenal,47 billion Tottenham Hotspur and Chelsea – closed out the top 10.

Arsenal’s brand value had risen 16 per cent to £782 million following their strong challenge for the Premier League title. Chelsea’s had risen by two per cent to £742 million off the back of a disappointing campaign and lower half finish, making them only the sixth-highest English club. Spurs’ value rose five per cent to £774 million.

Brand Finance said fellow London clubs Brentford and Fulham were new entries into their top 50 chart, at 43rd and 49th positions respectively. Newcastle United were reported to have the fastest-growing brand value of any United Kingdom club following an increase of 33 per cent to £216 million in the wake of their Saudi takeover in 2021.

Hugo Hensley, Head of Sports Services at Brand Finance, said: “Manchester City has achieved an extraordinary feat by surpassing Real Madrid to become the champion of football club brands. For five years, the City team has exerted its dominance in English football, securing four Premier League titles in the past five seasons.

“However, the club’s performance in this year’s ranking highlights that Manchester City are performing off the pitch in terms of building a strong brand and attracting fans and sponsors, and setting the stage for what could be an iconic Champions League final against Inter Milan.”

• A Daily Mail report