Despite winning La Liga and the Champions League, Los Blancos weren't first for the first time since 2012.

On Tuesday, Forbes compiled a list of the most valuable football clubs. The 2017 edition of their annual list sees a big surprise in the top three.

Despite winning La Liga and the Champions League, Real Madrid did not top the list. This ended their five-year reign in Forbes list, coming in at third in 2017.

The honor of the world’s most valuable club went to Man United. Despite finishing in sixth in the league, the Red Devils grabbed top spot after winning the Europa League and League Cup. 

The 20-time Premier League winners’ worth is estimated at £2.86bn. The club generated £593million in revenue, £60m more than second and third.

Juan Mata, Paul Pogba, Henrik Mkhitaryan, Ajax, Man United, UEFA Europa League

Barcelona beat Los Blancos to third spot. The Blaugrana endured a disappointing season, winning only the Copa del Rey, but enjoyed financial success.

The Blaugrana’s worth is estimated at £2.82bn. Los Blancos came in third with a value of £2.77bn.

The Premier League dominates the top 10, with six English top-flight clubs earning spots. The next English club on the list after United was their neighbors Man City, entering in fifth with a £1.61bn value.

The next three spots after the Citizens went to Premier League outfits Arsenal, Chelsea, and Liverpool; valued at £1.50bn, £1.43bn, and £1.15bn respectively. Check out the top 10 in full below.

1. Man United: £2.86bn

2. Barca: 2.82bn

3. Real Madrid: £2.77bn

4. Bayern Munich: £2.10bn

5. Man City: £1.61bn

6. Arsenal: £1.50bn

7. Chelsea: £1.43bn

8. Liverpool: £1.15bn

9. Juventus: £980m

10. Tottenham: £820m