By Miguel Rapetti
23 Jul 2024, 18:23 PM EDT
Real Madrid on Tuesday became the first team in history to accumulate more than $1 billion in profits during a season, after they offered the official balance sheet for the 2023-2024 season.
In a statement, Real Madrid explained that its earnings reached more than $1.1 billion dollars, setting a record for any football club in the world, totaling more than $230 million dollars compared to the 2022-2023 season.
“Operating income (before disposal of fixed assets) for the 2023/24 financial year has reached more than $1,073 million, representing an increase of 230 million (27%) compared to the 2022/2023 financial year. In this financial year, despite the stadium not yet being fully operational, the club has managed to exceed the $1 billion mark in operating income before disposal of fixed assets, a figure not reached to date by any football club,” Real Madrid reports.
The club adds that it “maintains the path of profits achieved year after year since the beginning of the century, all within an economic context characterized by widespread and very significant losses accumulated in the period 2019/20 to 2022/23 by the vast majority of the most relevant European clubs, losses that also persist in quite a few clubs in the 2023/24 financial year,” it adds.
“As a result of the profits obtained, the club has been increasing the value of its net assets year after year, reaching a value of more than $574 million dollars by June 30, 2024,” he said.
Much of Real Madrid’s current financial conditions are due to the successes they have achieved in recent years, with six UEFA Champions League titles since 2014, five Club World Cups, among others, which have positioned the team as one of the most important to invest in.
In fact, thanks to this, a new sponsorship with the computer company HP arrived to join in the new season that has not yet begun.
The statement also noted that, excluding the debts from the remodelling of the Santiago Bernabéu, the club’s debt as of 30 July 2024 is just over eight million dollars.
Although the new Santiago Bernabéu is not yet fully operational, it is already starting to generate profits from its use as a concert venue, hosting world tours by singers such as Taylor Swift and Karol G.
However, it will be during the 2024-2025 campaign when the use of the Santiago Bernabéu will be available at 100%, which will further increase the millionaire amounts that Florentino Pérez and company receive in profits.
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