Deloitte Touche, which compiled the report, said United was one of the most desirable sporting brands worldwide.
The report provides a league table of the world's clubs according to how much income they generate as a business, not counting player wages or transfer fees. Types of income include ticket sales, television revenues, sponsorship and non-match-day stadium usage.
United's revenues for 2003/4 were down slightly to £171.5m, with Real Madrid leapfrogging AC Milan into second place with £156.3m. The report attributed Madrid's surge to a raised worldwide profile built on David Beckham's presence at the club.
Adidas sold in excess of 1m Madrid shirts globally last year, more than for any other club.
Chelsea, under new owner Roman Abramovich, shot up the table from tenth last year with £93.1m to fourth with £143.7m. This was thanks in part to its progress to the semi-finals of last season's Champions' League. A new £100m kit deal with Adidas, announced last month, shows Chelsea's increasing commercial pull.
Other major clubs such as Liverpool and Newcastle, which failed either to go far in the competition or to qualify for it, experienced drops in income.
Arsenal registered a healthy rise from £104.1m to £115m, putting it in sixth place.
The report praised English clubs for achieving diversified revenues that leave them less reliant on TV revenues than their continental counterparts.
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