Roger Federer and Rafael Nadal have each been named to the Forbes Fab 40 list, as announced by the magazine earlier this week. Federer ranks No. 3 on this year's list, after having also been named to the list in 2007, 2010, 2011, 2012 and 2013. Nadal checks in at No. 10 on this year's list, the first time in his career the Spaniard has been given the honor. 

According to the magazine, "the Forbes Fab 40 consists of the 10 most valuable sports brands in each of four categories–businesses, events, teams and athletes." 

Nadal made the Fab 40 for the first time with a brand value of $10 million. Nadal made $14.5 million in prize money over 12 months (ending in June), and also received bonuses from sponsors due to his two major titles and ranking. Federer's brand value for 2014 is $32 million, courtesy of lucrative endorsement deals with Nike, Rolex and Credit Suisse among others.

Lebron James ranked No. 1 for athletes, while the New York Yankees led the way for teams and Nike topped the list for sports business. The NFL Super Bowl was ranked as the most lucrative event.

Photo: AP