Three Premier League teams feature in the top five richest clubs in the Football Money Table released by accountants Deloitte.

Manchester United climbed two places to second, while Chelsea and Arsenal rose one place apiece to fourth and fifth respectively.

However, none of the English side could displace Real Madrid, who remain top of football's financial rankings.

"This is the first time that any country has had three clubs in the top five of the Money League," said Dan Jones of Deloitte.

"Arsenal's move to the Emirates Stadium has transformed their revenues whilst Chelsea's revenue increase sees them return to the top five."

Real Madrid, who won La Liga last season, saw their revenues leap 20 percent to £261 million during the 2006/07 season, while Manchester United, also winners of last season's Premier League, posted revenues of £234m.

"With the new Premier League television deals now online for the 2007/08 season, Manchester United have the opportunity to significantly close the gap on Real," Jones said.

"A successful Champions League run may even see them challenge again for the number one position."

However, only six English sides featured in the top 20 compared with eight last season, with Liverpool, Tottenham Hotspur and Newcastle making the cut and the likes of Aston Villa, Everton, Manchester City and West Ham just missing out.

Deloitte Football Money League 2008 (clubs ranked by 2006/07 revenues, excluding player sales, in euros. Previous year's position in brackets):

1 (1) Real Madrid £261m

2 (4) Manchester United £234m

3 (2) Barcelona £216m

4 (6) Chelsea £211m

5 (9) Arsenal £196m

6 (5) AC Milan £169m

7 (8) Bayern Munich £166m

8 (10) Liverpool £150m

9 (7) Inter Milan £145m

10 (12) Roma £117m

11 (15) Tottenham Hotspur £114m

12 (3) Juventus £108m

13 (11) Lyon £105m

14 (13) Newcastle United £96m

15 (16) Hamburg SV £90m

16 (14) Schalke 04 £85m

17 (-) Celtic £83m

18 (-) Valencia £80m

19 (-) Marseille £74m

20 (-) Werder Bremen £72m

Alex Chick / Eurosport