Real Madrid closed financial year with €12 million profit

MADRID: Real Madrid closed the 2022-23 financial year with a €11.8 million (US$13.25 million) profit, the Spanish club said on Monday (Jul 17), around €1 million less than in the previous season despite a higher revenue.

The Spanish club managed to remain in profit over the last four financial years despite the negative impact of the COVID-19 pandemic and the €893 million renovation project of their Bernabeu stadium, set to be concluded by the end of 2023.

"Operating income for the financial year 2022-23 has reached €843 million, an increase of €121 million (17 per cent) compared to the 2021-22 financial year," the club said in a statement.

They added, however, that stadium revenues, limited by the redevelopment project, were still 13 per cent lower than in 2018-19 season but revenues from the remaining business lines have already exceeded pre-pandemic levels, with marketing revenues (up 12 per cent) standing out in particular.

Madrid said their net worth is €558 million, 12 million more than last season, and their net debt, excluding the Bernabeu project, stood at 46.7 million euros as of June 30 2023.

That is a major improvement from last year, when their net debt was 263.1 million.