Manchester City's squad is worth €1.28billion (£1.06billion), the most in world football, according to a new in-depth study of club finances across the globe.
Soccerex' 2020 edition of its Football Finance Index (FFI) values City's squad just above Real Madrid (€1.19billion) and Barcelona (€1.18billion) and well ahead of the next English side Liverpool (€1.07billion).
However, City have lost their crown at the top of the FFI, which ranks teams based on five key financial factors: playing assets, tangible assets (i.e. physical property like the ground and stadium), cash in the bank, potential owner investment and net debt.
This went to Paris Saint-German, a club, like City, that underwent a dramatic transformation following the injection of capital from the Middle East.
City are placed second, buoyed by their strong squad valuation, cash in the bank (€32million) and tangible assets including the world-class Etihad Campus (€464million).
Meanwhile, the club have a relatively low net debt (€173million) - and, of course, one of the wealthiest benefactor owners in the world, at an estimated €24.7billion.
What's more, the Abu Dhabi United Group are seen as having an owner investment potential of €647million - second only to PSG.
In the last five years, City's parent group, City Football Group (CFG), have undergone a slight change in ownership.
First, in December 2015, the state-backed China Media Capital paid $400million for a stake of around 12-13 per cent.
Then, late last year, US-based Silver Lake invested around $500million into CFG via an issue of new shares by City Football Group, which put the value of CFG at around $4.8billion.
A filing at Companies House revealed CFG issued a little over 62.1million shares worth £1 each, which Silver Lake bought for around £6.23 each - giving a total value of around £387million.