(CNN) -- Spanish soccer giants Real Madrid increased the value of their club by 76% over the past year to usurp Manchester United as the world's most valuable football team. A study by financial experts Forbes found that Real Madrid's value now stands at $3.3 billion, knocking the English Premier League champions elect off the top of the list for the first time since the study began in 2004. Confounding the increasingly difficult economic conditions in Spain, Real, managed by Portuguese coach Jose Mourinho, have increased revenues to $650 million. Their operating income of $134 million is second only to the $227 million amassed by the NFL's Dallas Cowboys, which is the highest of all sports teams.
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Real Madrid are the world's most valuable football club according to Forbes
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Spaniards claim top spot from English club Manchester United for first time
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Real's value increased by 76% over the past year to stand at $3.3 billion
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Barcelona are ranked third in the list, Arsenal fourth and Bayern Munich fifth
@placeholder, on the brink of securing a record 20th English top flight title, increased their value by 42% to $3.17 billion, according to Forbes.