MADRID ANNOUNCE PROFIT

Real Madrid have announced a turnover of €520.9 million over the 2012-13 fiscal year, a 1.3 per cent increase on the previous season.

The Santiago Bernabeu side therefore become the only sports entity in the world to surpass the €500m revenue barrier for the second consecutive year.

Madrid recorded a net profit of €36.9m, which represents a 52.4 per cent increase compared to the previous financial year.

Consequently, the Liga giants' net debt dropped by 27.4 per cent to €90.6m in total - a decrease of more than €34m.

Much of the strong financial performance is based on the club's transfer policy of the past year, with the collective €40m outlay on Luka Modric, Diego Lopez and the loan of Michael Essien offset by the sales of Sergio Canales, Hamit Altintop, Lassana Diarra and Nuri Sahin's loan exit.

The figures do not take into account the monumental summer spending from Carlo Ancelotti's side in 2013, during which Gareth Bale, Isco, Asier Illarremendi, Dani Carvajal and Casemiro all arrived for a combined sum of €181.5m. Neither are the sales of Mesut Ozil, Gonzalo Higuain, Jose Callejon and Raul Albiol factored in.

The results from the 2012-2013 season will be subject to approval at a club general meeting on September 22.