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Corrigan: Five things we learned in La Liga

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 Posted by Dermot Corrigan
Sep 6, 2013

Real Madrid announce record revenues

Real Madrid’s results for the 2012-13 financial year have shown record revenues of €520.9 million, increased profits of €36.9 million and a lowered declared financial debt of €90.6 million.

•  Rigg: Ozil departure taints Bale arrival

The results will be hailed as evidence of the commendable financial stewardship of Blancos president Florentino Perez, who himself regularly compares the club's current healthy finances with the serious difficulties it faced when he returned to the post in June 2009.

The figures were announced via a statement on the club's official website on Thursday evening.

"Real Madrid’s revenue totals €520.9 million, its net profit amounts to €36.9 million, and its net debt has shrunk by 27.4%," the statement said. "Real Madrid closed the 2012-13 fiscal year with a turnover of €520.9 million, 1.3% more than in the previous period, thus becoming the only sports entity in the world in far surpassing the €500 million revenue barrier for the second consecutive year. Earnings before taxes total €47.7 million, 47.8% more than in the previous period while net profit is €36.9 million, 52.4% above the previous fiscal year."

Perez will give more details on how these results were achieved, and is unlikely to face much serious questioning of his handling of club affairs, when he speaks at Madrid's AGM on September 22.

Some figures in Spain have questioned whether the results Perez announces at each year’s AGM give a true picture of the club’s actual situation. Mundo Deportivo claimed in May that Madrid actually owe €590 million -- last year’s announced ‘financial debt’ of €221 million, along with a further €369 million in short-term debt held with its various banks.

But as ESPN expert Sean Smith wrote last month, such ‘top-line debt’ figures can be misleading as they includes things like season-ticket sales for the upcoming campaign, and transfer fees not scheduled to be paid in that year's accounts. UEFA’s definition of debt coincides with that generally used by Perez and Madrid’s published accounts.

The figures announced this week cover the financial year 2012-13, when Madrid were untypically cautious in the transfer market, with its biggest incoming transfer the arrival of Luka Modric in August 2012 for €37 million.

This summer saw a much bigger outlay of €182 million on Gareth Bale, Asier Illarramendi, Isco, Dani Carvajal and Casemiro. But this has been almost balanced out by the €115 million received for Mesut Ozil, Gonzalo Higuain, Raul Albiol, Jose Callejon and Pedro Leon, while high-earner Kaka was also removed from the wage bill, albeit on a free transfer three years after paying €65 million for him.

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