Bayern Munich might be licking their wounds after defeat to Chelsea in the European Champions League final, but the German club can find comfort in victory of a different kind: by beating Chelsea in football's financial league table.
Despite their crushing penalty shootout loss to Chelsea in their own backyard at the the Allianz Arena, Bayern has been ranked as the second most valuable brand in football.
According to a new report by independent consultancy Brand Finance, who have compiled a list of the 50 biggest brands in the sport, the four-time European champions has been valued at $786 million.
Chelsea is ranked fifth with a value of £398m.
But English giants Manchester United lead the way, as they did in 2011, with their brand estimated to be worth $853 million.
"Manchester United have got a global reach," Brand Finance's Head of Sports Brands Dave Chattaway told CNN.
"United have got quite a professional set-up, with people who have worked for Pepsi, Disney, all different kinds of marketing industries. They have brought their expertise into the sports industry.
But Bayern are the year's big winners.
Despite their defeat by Chelsea and having been beaten to the German league and cup by Borussia Dortmund, their brand value grew by 59 per cent over the last 12 months.
"If you look at Bayern Munich, they are a domestic powerhouse," said Chattaway.
"They have got really strong links with strong German brands.
"Bayern have long-term deals, they have been with Adidas for over 10 years. They generate the highest commercial revenue and they are able to negotiate the highest possible deals based on their dominance of the German market."
Behind United and Bayern are the Spanish "El Clasico" rivals of Real Madrid, third with a value of $600 million, and Barcelona, with a brand worth $580 million.
Spanish champions Real and Catalan side Barca have seen similar decreases in the value of their brands, seven and eight per cent respectively, which Chattaway puts down to the country's current economic plight.
"They have both had relatively successful years on the pitch," he said.
"The eurozone crisis has really impacted the capital in Spain and Italy.
"It's not necessarily something they are doing wrong commercially. it's a sign of the economy they operate in."
The top 10 is dominated by teams from the English Premier League, with newly-crowned European champions Chelsea fifth ($398 million) and 2011-12 title winners Manchester City eighth ($302 million)
"Within Europe, the Premier League is still the pinnacle," explained Chattaway.
"It still generates the most money because of the broadcast rights.
"It is much more attractive to a foreign audience than the German Bundesliga or the Spanish First Division. The Premier League clubs are benefitting from that."
In Italy, Italian Cup winners Napoli ($85 million) were the only club to increase their brand value off the back of a relatively successful Champions League campaign.
AC Milan ($292 million) are Serie A's most valuable brand and placed ninth on the list, with champions Juventus ($160 million) falling from 10th in 2011 to 16th this year.
Former England captain David Beckham and his Los Angeles Galaxy teammates enjoyed a landmark year in 2011, being crowned Major League Soccer champions for a third time.
Despite their success, and despite boasting one of football's most recognizable and marketable stars, the Galaxy ($46 million) only crept onto the list in 50th position.
"The game in the U.S. is still developing massively," said Chattaway.
"The revenues are a fraction of those in Europe. The games are rarely sold out and the grounds themselves have quite a small capacity.
"The commercial deals in the U.S. cannot compete with the European market. The MLS is still largely only shown in the U.S., it hasn't really expanded globally as quickly as we would have expected."
With such a huge gap between the sport's most lucrative brands and those with less commercial appeal, does Chattaway believe football clubs are making the most of their financial potential?
"I think there is more scope for all the clubs to further maximize value -- clubs have traditionally been slow and unimaginative in monetizing the brand they own.