Manchester United have slipped outside of the top three of football's biggest-earning clubs for the first time.
United, who face a struggle to finish in the top four in the Premier League as they sit 14 points off leaders Arsenal, have dropped down to fourth in the Deloitte Football Money League.
Based on income from the 2012-13 season, United are lagging behind Real Madrid, Barcelona and Champions League winners Bayern Munich.
Compiled by Deloitte since 1997, United topped the money table for the first eight years as the biggest-earning club in the world before being overtaken by Real Madrid and Barcelona.
Now Bayern, who won five trophies in 2013, have forced United even further down the table.
Qatari-owned French club Paris Saint-Germain have seen their earns boosted by 81 percent to jump from 10th to fifth in the table, leapfrogging Manchester City, Chelsea and Arsenal.
Shares in United on the New York stock exchange are already down just above the $15 mark from an annual high of more than $19. However analysts at Deloitte believe United will reclaim third spot from Bayern next year - though failure to qualify for the Champions League will affect the finances in the longer term.
Dan Jones, partner in the sports business group at Deloitte, said: "It is the first time Manchester United have dropped out of the top three but Bayern had an exceptional year.
"Next year United will have the Chevrolet deal plus other new commercial deals in their figures, and the new Premier League TV deal so we are confident they will be back in the top three.
"The longer term depends in part what happens on the pitch and if they do not qualify for next season's Champions League that is probably worth €50 million euros [£41 million pounds] directly in terms of money from TV and attendances at Old Trafford.''
It is the ninth consecutive year Real Madrid have topped the Money League, with total revenue of £444.7 million. Barcelona follow with £413.6 million, though the two Spanish clubs have a huge financial advantage by being able to negotiate their own TV deals.
Bayern's earnings of £369.6 million put them third, with United making £363.2 million and PSG not far behind on £341.8 million.
Manchester City are sixth with £271 million, then Chelsea on £260 million and Arsenal with £243.6 million.
Liverpool drop out of the top 10 for the first time since 1999, falling to 12th with revenue of £206 million behind Juventus, AC Milan and Borussia Dortmund. Tottenham are 14th with earnings of £147.4 million.
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