Manchester United have retained their position as the world's wealthiest football club but Arsenal have overtaken Liverpool in the rich list.
United's turnover of £175m in 2002/3 keeps them ahead of Italian giants Juventus and AC Milan, as well as Real Madrid, in the Deloitte and Touche study of revenue coming into clubs.
Liverpool, though, have fallen out of the top five from fifth place a year ago and are now in eighth overall with £104.4m, just behind Arsenal (£104.6m), whose position will be strengthened when they move to a new stadium in 2006.
Celtic make it into 18th place with an annual income of £60.8m but there is no place for Rangers who dropped out of the top 20 two years ago. Despite their terrible financial problems, Leeds are rated among the top 20 clubs in the world in terms of income and are in 16th place with revenues of £64m during 2002/3.
English Premiership clubs generate far more matchday income than their European rivals from gate receipts, corporate hospitality and matchday food and merchandise sales.
The big Italian clubs owe their dominance to the fact they negotiate their own TV rights deals - Juventus and AC Milan have the largest broadcasting incomes in world football - but perform poorly in terms of matchday income, which accounts for 40% of Manchester United's total revenue and is more than three times their closest Italian rival.
The list also shows that Manchester United are the richest team of any sport in the world - next in line are baseball's New York Yankees with revenue of £170m.
