During the 2009–10 season, Real Madrid made €150 million through ticket sales, which was the highest in top-flight football. The club has the highest number of shirt sales a season, around 1.5 million. For the 2010–11 season its wage bill totalled €169 million, which was second-highest in Europe behind Barcelona. However, its wage bill to turnover ratio was the best in Europe at 43 percent, ahead of Manchester United and Arsenal at 46 percent and 50 percent, respectively. In 2013, Forbes listed the club as the worlds most valuable sports team, worth $3.3 billion. It was valued at €3.47 billion ($4.1 billion) in 2018, and in the 2016–17 season it was the Deloitte Football Money League football club in the world, with an annual revenue of €674.6 million.
Question: Who had a lower wage bill to turnover ratio in Europe, Real Madrid or Manchester United?
Answer: Real Madrid