Manchester United have dropped four places to sixth in Forbes Magazine's annual list of the world's most valuable sports teams.
NFL side the Dallas Cowboys, valued at $5bn, remain top, with Major League Baseball's the New York Yankees second on the list at $4.6bn (£3.7bn).
Real Madrid are third, with fellow Spanish side Barcelona in fourth.
Manchester City (25), Chelsea (32), Arsenal (42), and Liverpool (45) are the other English clubs in the top 50.
The Dallas Cowboys have been number one for the past four years having usurped Real Madrid in 2016.
"The values of teams in major sports leagues are booming thanks to sky-high TV deals, both local and national," said Kurt Badenhausen, senior editor at Forbes Media.
"And with revenue growing faster than player salaries, franchises are more profitable than they have ever been."
NFL teams made up 26 - down from 29 a year ago - of the top 50 teams on the list.
The NBA had nine teams on the list, while there were eight from European football and seven from MLB.
Forbes' most valuable teams
1. Dallas Cowboys (NFL) $5bn (£4bn)
2. New York Yankees (MLB) $4.6bn
3. Real Madrid (Football) $4.24bn
4. Barcelona (Football) $4.02bn
5. New York Knicks (NBA) $4bn
6. Manchester United (football) $3.81bn
7. New England Patriots (NFL) $3.8bn
8. Los Angeles Lakers (NBA) $3.7bn
9. Golden State Warriors (NBA) $3.5bn
10. New York Giants (NFL) $3.3bn
10. Los Angeles Dodgers (MLB) $3.3bn
25. Manchester City (football) $2.69bn
32. Chelsea (football) $2.58bn
42. Arsenal (football) $2.27bn
45. Liverpool (football) $2.18bn