According to a report from accountancy firm, Deloitte, Manchester United Football Club is now officially the richest sport club in the world.

United overtook the New York Yankees baseball team, with turnover for 2003 of £173m – slightly ahead of the £152m generated by the Yankees.

United has now been the richest football club in Europe for the seventh year running.

Dan Jones, spokesman for Deloitte, said: “The top clubs in the world’s number one sport are generating more income than ever before. However, many of the leading clubs have a great opportunity to significantly develop more income streams from their stadia.

“For instance, Manchester United’s match day income of 101m euros is more than three times greater than its closest rival, Italian club, Juventus,” he said.

Deloitte’s study – based purely on turnover – provides a few other interesting entries.

Leeds United, currently facing financial ruin after accumulating debts of around £100m, is considered to be the 16th richest club in Europe with a turnover of £61m.

Lazio, the Rome-based club formerly managed by England boss Sven-Goran Eriksson, is just below Leeds with a turnover of £59m, but the club narrowly escaped bankruptcy last year after reportedly amassing debts similar to those of Leeds United. Details: www.footballfinance.co.uk