Bayern Munich, which won the Champions League title four days ago, has ousted Manchester United from first place in brand value, according to a survey of the world’s top soccer teams.

Brand Finance Plc gave Bayern a brand valuation of 668 million euros ($860 million), up 8 percent from last year, the company said in an emailed statement, citing its annual report. Manchester United, which won a record 20 English league titles, fell to second place with a brand estimated at 650 million euros.

“Bayern Munich is still very much a story of domestic dominance, however its continued presence in the Champions league has provided the club with access to a global audience,” Dave Chattaway, London-based Brand Finance’s Head of Sports Valuation, said in the statement. “The challenge now for all Bundesliga clubs and the league itself, is to see if they can export their domestic brand strength into global opportunities.”

Bayern took the top spot thanks to “impressive financials and a growing international reputation for quality football,” Brand Finance said. Spain’s Real Madrid was third at 482 million euros, Barcelona fourth at 444 million euros and Chelsea fifth at 325 million euros.

Bayern defeated Borussia Dortmund 2:1 in the first all-German Champions League final on May 25 in London. Arjen Robben’s goal in the 89th minute gave Bayern its fifth title in Europe’s elite club competition and came after two losses in the past three finals. 

(Bloomberg)