New Delhi: Reigning European and Spanish champions Real Madrid claimed to have become the first football club to earn more than €1billion ($1.085bn) in revenue for the 2023-24 season.
According to the La Liga club’s annual accounts, their revenue, excluding player transfers, jumped by 27 per cent compared to the previous to reach €1.073bn ($1.16bn).
They registered a profit of €16million ($17.3m) for the fiscal year despite ongoing renovations of their Santiago Bernabeu stadium. As of June 30, 2024, Madrid have a net worth of €574m ($623m) and net debt of €8m ($8.6m).
Last season the club’s football team won their sixth Uefa Champions League in 10 years, along with La Liga and the Super Cup crowns while their basketball team also excelled also won the Spanish league title, King’s Cup, and Spanish Super Cup while reaching the Euroleague finals.
However, Real’s operating income increased by €230m ($249m) in comparison to the 2022-23 season.
“For the 2023/24 financial year, Real Madrid reported an operating income of €1.073 billion, marking a 27 per cent increase from the previous year.
“This is a groundbreaking achievement for any football club, even though the Santiago Bernabeu Stadium is not yet fully operational.
“Revenue growth was driven by increased marketing and stadium operations, despite a dip in broadcasting rights from LaLiga,” a statement from the club sid, as quoted by punchng.com.
Madrid said their increase in revenue was due to growth across various business lines, specifically in marketing and stadium-related income.
They plan to build on their commercial success, having already brought in France’s 2018 World Cup winner Kylian Mbappe, who joined on a free transfer after expiration of Paris Saint-Germain contract.
According to the La Liga club’s annual accounts, their revenue, excluding player transfers, jumped by 27 per cent compared to the previous to reach €1.073bn ($1.16bn). Football Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
