Real Madrid have been overtaken by the NFL's Dallas Cowboys as the world's most valuable sports team, according to Forbes magazine.

The La Liga giants had been on top of the rankings for the past three years, and the Cowboys' jump marks the first time since 2011 a football club has not occupied the top spot.

Real remain the most valuable football club, however, with a calculated value of $3.65 billion (€3.29 billion), topping a list of eight clubs to make the rankings. 

La Liga rivals Barcelona were spot behind Real on the list with a value $3.55 billion (€3.20 billion).

Manchester United were the next football club ranked fifth overall with a value of 3.32 billion (€2.99 billion).

Rounding out the other football clubs were Bayern Munich at No. 12 ($2.68bn, €2.41bn), Arsenal at No. 23 ($2.02bn, €1.82bn), Manchester City at No. 28 ($1.92bn, €1.73bn), Chelsea at No. 36 ($1.67bn, €1.50bn), and Liverpool at No. 41 ($1.55bn, €1.40bn).

In addition to their value, Real Madrid also led all teams in revenue, generating $694 million during the 2014-15 season.