Manchester United has dropped out of the top three in Deloitte's football rich list for the first time.
Real Madrid, Barcelona and Bayern Munich were in the first three places in Deloitte's list, which is based on revenues in the 2012-13 season.
Despite falling down the pecking order, United's revenues increased from 395.9m euros to 423.8m euros.
Speaking to the BBC, Deloitte's Austin Houlihan said:
"Whilst Manchester United drop one place in the Money League, a number of the club's recent commercial deals will boost revenue in 2013-14, so this fall to fourth place may only be temporary."
"These deals, combined with the impact of the improved three-year Premier League broadcast deals from 2013-14, mean they are likely to get close to the 500m-euro revenue mark in next year's Money League."
"Beyond 2013-14, consistent qualification for the Champions League is key in United challenging to regain top spot in the Money League, a position it last held in 2003-04."
The Old Trafford club currently sits seventh in the Premier League, outside the Champions League qualification spots. The lack of Champions League football, and the TV money it brings, would have a big effect on the club's overall revenue.
Other English clubs in the top 20 places were Manchester City (6th), Chelsea (7th), Arsenal (8th), Liverpool (12th) and Tottenham Hotspur (14th).