Soccer is at least one business that hasn't been sidelined by the recession.

A new report by Forbes magazine finds that the world's top 25 soccer clubs are now worth an average of $597 million, or 8 percent more than a year ago, before the financial crisis fully took hold. Five clubs are worth at least $1 billion.

"With its capitalistic bent, European soccer rewards the best-performing clubs with higher broadcasting revenue," the magazine said in a report on Thursday.

"Leading the charge is the world's most valuable sports franchise: English Premier League champions Manchester United [ Images ], worth $1.87 billion."

Indeed, Forbes reports United posted $160 million in operating income, with its stadium, Old Trafford, pulling in more than $200 million in ticket and concession revenue last season.

Spain's Real Madrid [ Images ] ranked as the second most valuable at $1.35 billion, followed by another English club, Arsenal [ Images ] at $1.2 billion, Germany's [ Images ] Bayern Munich [ Images ] at $1.11 billion, and England's [ Images ] Liverpool at $1 billion, according to Forbes.

By comparison, the most valuable Major League Baseball team is the New York Yankees, worth an estimated $1.3 billion as of last April, while the most valuable National Football League team is the Dallas Cowboys, valued at $1.6 billion last September, according to Forbes.

While the financial crisis has resulted in a big pullback in sponsorship of some sports, Europe's top soccer clubs have been protected by long-term deals they signed with marketers and broadcasters, Forbes said.

"Burnished by that relative stability and by the sport's growing popularity throughout China and Southeast Asia, big-ticket investors have continued to pour money into England's Premier league," the magazine points out, noting the sale last fall of England's Manchester City [ Images ] to Sheikh Mansour [ Images ] Bin Zayed Al Nahyan for nearly $385 million.