French club, Paris St Germain, have overtaken Manchester City as the most financially powerful club in world football according to the annual Soccerex Football Finance 100 report.
The French Champions topped the 2020 edition with a football finance index score of 5.318, calculated based on the value of the current squad, tangible assets, finance available, potential owner investment and net debt.
The study revealed that PSG had reduced its debt by 70 million euros ($75.87 million) over the last year while City's debt levels had increased by more than 90 million euros.
The top five was completed by Bayern Munich, Tottenham Hotspur, and Real Madrid respectively.
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Manchester United who were ranked 8th as at the last rankings fell a whooping eight places from 16th in the report, as a result of the squad value's depreciation and an increase in cash debt.
While Europe's top sides accounted for 80 percent of the top 30 almost half of those clubs are owned by non-European entities, including organizations and individuals from the Middle East, North American, and Southeast Asia, the report said.
"This year's report paints a positive picture of football's collective financial health, but it also highlights the growing imbalance between the power of Europe's modern elite, with some of the game's heritage brands in danger of being left behind," Philip Gegan, Soccerex managing director, said.
"Despite Europe's dominance, football is very much a global game with investment from football's emerging markets very much underpinning its continued growth."
The English Premier League is represented by 18 clubs in the top 100, while the US Major League Soccer (MLS) was the next best with 17.
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