• by Joe Mandese  @mp_joemandese, June 8, 2015

In a monetary milestone that likely has more resonance for Americans than the club’s hometown fans, England’s Manchester United has become the first professional soccer team to break the $1 billion mark in terms of brand value. Based on current exchange rates, that also makes Manchester United the first soccer team to break the 1 billion Euro mark (1.08 billion Euros), which would be more relevant to many of its international fans, but in terms of its local currency -- (790 million British pounds) -- it still has a way to go.

More significantly, Manchester United overtook Germany’s Bayern Munich as the world’s most valuable soccer brand, according to updated rankings released this morning by marketing economics constulancy Brand Finance, which determines brand value by applying metrics on “brand strength” to a brand’s revenue-generating potential.

“Despite another season without silverware, Manchester United has reclaimed its position at the top,” reads the Brand Finance report, adding, “The Red Devils have become the first billion dollar soccer brand, with 63% growth bringing total brand value to $1.2 billion.”

Not surprisingly, European teams dominate the soccer brand value rankings, while none of North America’s Major League Soccer teams even managed to footnote in the report, despite growing international recognition.