Manchester United has been described as a global brand; a 2011 report by Brand Finance, valued the club's trademarks and associated intellectual property at £412 million – an increase of £39 million on the previous year, valuing it at £11 million more than the second best brand, Real Madrid – and gave the brand a strength rating of AAA (Extremely Strong). In July 2012, Manchester United was ranked first by Forbes magazine in its list of the ten most valuable sports team brands, valuing the Manchester United brand at $2.23 billion. The club is currently ranked third in the Deloitte Football Money League (behind Real Madrid and Barcelona).
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