Accounting firm Deloitte produce an annual list of turnover in football and Madrid are again on top of the pile, although the strength of the Euro against Sterling is the main reason they stayed ahead of European champions United.
The list sees seven Premier League clubs included, whilst Scottish giants Celtic drop out of top 20 along with Valencia and Werder Bremen.
"If the exchange rate value of the pound had not depreciated, there would have been nine, rather than seven English clubs in the top 20 and Manchester United would have topped the Money League ahead of Real Madrid," said Dan Jones, partner in the Sports business group at Deloitte.
Real saw their revenues rise by four per cent to £328million, whilst United saw their turnover up 21 per cent to £291million.
The list, which was completely made up of European clubs, with England leading the way with their seven. Germany and Italy have four each, whilst there are just two from Spain and France.
Turkey's Fenerbahce also make the top 20 for the first time.
List in full1. Real Madrid, Spain, €365.8 million
2. Manchester United, England, €324.8 million.
3. Barcelona, Spain, €308.8 million.
4. Bayern Munich, Germany, €295.3 million.
5. Chelsea, England, €268.9 million.
6. Arsenal, England, €264.4 million.
7. Liverpool, England, €210.9 million.
8. AC Milan, Italy, €209.5 million.
9. AS Roma, Italy, €175.4 million.
10. Inter Milan, Italy, €172.9 million.
11. Juventus, Italy, €167.5 million.
12. Lyon, France, €155.7 million.
13. Schalke, Germany, €148.4 million.
14. Tottenham, England, €145 million.
15. Hamburg, Germany, 127.9 million.
16. Marseille, France, €126.8 million.
17. Newcastle, England, €125.6 million.
18. Stuttgart, Germany, €111.5 million.
19. Fenerbahce, Turkey, €111.3 million.
20. Manchester City, England, €104 million.