English champions Manchester United topped a "rich list" of the world's soccer clubs on Wednesday, after keeping a step ahead of Italian rivals Juventus and European champions AC Milan last season.

With income of 251.4 million euros ($313.8 million) in the 2002/03 season, United's revenue is also larger than any sports club in the United States, where baseball's New York Yankees topped an unofficial wealth list with approximate revenues of $280 million.

But the list, compiled by accountants Deloitte, also included some glaring anomalies including placing Leeds United, with debts of around 80 million pounds ($149.5 million), in 16th position.

This occurred because Deloitte only considered revenue, the money coming in from day-to-day business operations, and not outgoings or debt.

United's financial muscle keeps them comfortably ahead of Italian champions Juventus (218.3 million euros), Milan (200.2 million euros), nine-times European champions Real Madrid (192.6 million euros) and Bundesliga kings Bayern Munich (162.7 million euros).

BROADCAST INCOME

Two countries dominate Deloitte's rich list of the world's top 20 clubs, with English clubs making greater use of their stadia and Italians particularly buoyed by Serie A broadcasting revenues.

The rest of the top 10 is headed by Milan's city rivals, Inter, and followed by four English clubs -- Arsenal, Liverpool, Newcastle United and Chelsea.

Chelsea are expected to move up the list after the takeover last July by Russian billionaire Roman Abramovich, who has already spent over 100 million pounds ($186.8 million) on new players in his search for success on the pitch.

Looking ahead, Deloitte believe the future is bright for European clubs.

Despite speculation that soccer's finances could be heading for a downturn, the report doubts there will be a drop in earnings from televisions rights and argues that some revenue streams have yet to be fully exploited.

Dan Jones, director of the Sports Business Group at Deloitte, said: "The top clubs in the world's number one sport are generating more income than ever before.

"Broadcast income is the largest single source for most of the clubs and despite the widespread speculation of a collapse in media values, we think this is unlikely.

"At the same time, many of football's leading clubs have a great, and as yet underused, opportunity to significantly develop other income streams, particularly from their stadia.

"For instance, Manchester United's matchday income of 101 million euros is over three times greater than their closest Italian rivals."