Zenit St. Petersburg are the only Eastern European club on the annual list of the world's most valuable football brands, published by the Brand Finance agency on Tuesday.
Zenit's brand value was estimated at $56 million, handing the St. Petersburg side 41st place in the rankings.
Manchester United, worth $853 million, was named the most valuable brand for the second-consecutive year, followed by Bayern Munich, jumping from fourth with $786 million.
Real Madrid on $600 million and Barcelona on $580 million both drop a place to third and fourth, respectively.
The rankings take into account various sources of income including broadcasting rights, ticket and souvenir sales and sponsorship contracts.
The 2011 version of the rankings displayed only the top 30 clubs and did not include a single Eastern Europe representative.
Zenit, ranked 20th by UEFA, won a second-consecutive Russian title this season, landing them a spot in the Champions League Group Stage next season.
The team is pipped to 40th place by U.S. Major League Soccer team the Seattle Sounders, worth an estimated $58 million, with English side Stoke City one place behind on $55 million.
