(CNN) -- Real Madrid have leapfrogged Manchester United as the most valuable sports team in the world, according to a list released by Forbes on Monday. The nine-time European champions have risen to the top of the list, overtaking English Premier League team Manchester United, with the U.S. business magazine valuing Real at $3.3 billion. Los Blancos' revenue of $650 million is the highest in sport, while the Spanish team's income of $134 million is second only to that of National Football League (NFL) franchise the Dallas Cowboys. Real's coffers have swelled thanks, in part, to a kit deal with German sports brand Adidas, worth $42 million per year, and a $39 million five-year sponsorship agreement with airline Emirates.
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Forbes name Real Madrid the most valuable sports team in the world
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The Spanish team has overtaken English club Manchester United
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United sit second on the list, with Real's rivals Barcelona third
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New York Yankees fourth on the list, Dallas Cowboys fifth
@placeholder's archrivals Barcelona complete a top three dominated by football teams.