Manchester United narrowly pipped Real Madrid to remain the top revenue-generating club in the world as Premier League sides underlined their growing financial clout, Deloitte’s “Money League” report said on Tuesday.

It is the 10th time United have topped Deloitte’s list, with a revenue in 2016/17 of €676 million euros ($828 million, £593 million) — just €1.7 million euros ahead of the Spanish giants.

United on Monday confirmed the signing of Chile striker Alexis Sanchez from Arsenal in a deal which is expected to make him the Premier League’s highest-paid player.

Barcelona — one of Sanchez’s former clubs — are third in the 21st edition of the list compiled by the British-based business advisory firm, followed by Bayern Munich, Manchester City and Arsenal.

Combined revenue for the top 20 Money League clubs in the 2016/17 season grew 6% to € 7.9 billion , a new record.

United’s Europa League victory was crucial to their financial performance, with Real Madrid’s figures boosted by winning the Champions League and their Spanish league triumph.

A record 10 English clubs feature in the top 20, generating a total revenue of 3.8 billion euros, helped by income from the first season of the current record Premier League broadcast rights deal.

Broadcast revenue is now the largest individual revenue stream for the Money League clubs, making up 45% of total revenue and there is increasing speculation that the likes of Amazon and Facebook could become serious players, potentially giving a fresh cash injection.

“The Deloitte Football Money League has a particularly English feel this year and with the new broadcast deal and UEFA competition performance driving broadcast revenue growth of over half a billion pounds for those in the top 20, it doesn’t come as a surprise,” said Tim Bridge, senior manager in the Sports Business Group at Deloitte.

“As the Premier League is currently in the middle of its rights tender for the next cycle from 2019/20, the results of this will be crucial to determining the long-term composition of the Money League.”

A separate study released earlier this month showed Premier League leaders Manchester City have greater financial muscle than any other club in world football, with Arsenal second and United in seventh place.

The Soccerex Football Finance 100 ranked the world’s top teams based on both their playing and fixed assets, money in the bank, owner potential investment and debt.