Real Madrid announce 12 million Euros profit in 2022/23 amid stadium renovation and Covid-19 challenges

By India Today Sports DeskSpanish giants Real Madrid have announced that they closed the 2022-23 financial year with a profit of 11.8 million euros. Although this is slightly lower compared to the previous season, the club has managed to maintain profitability over the past four financial years despite the challenges posed by the COVID-19 pandemic and the ongoing renovation project at their Santiago Bernabeu stadium. The renovation project, set to be completed by the end of 2023, has cost the club 893 million euros.

According to a statement by the club, the operating income for the financial year 2022-23 reached 843 million euros, which is a significant increase of 121 million euros (17%) compared to the previous financial year of 2021-22.

While stadium revenues have been limited due to the redevelopment project and are still 13% lower than the 2018-19 season, revenues from other business lines have already surpassed pre-pandemic levels. One area that stands out is marketing revenues, which have seen a noteworthy increase of 12%.

Real Madrid’s net worth has also seen a positive development, now standing at 558 million euros, an increase of 12 million euros from the previous season. Additionally, the club’s net debt, excluding the Bernabeu project, is reported to be 46.7 million euros as of June 30, 2023, a vast improvement compared to the net debt of 263.1 million euros reported last year.

The Spanish club won Copa del Rey, UEFA Super Cup and the Club World Cup, but failed in LaLiga and Champions League. In the Spanish League, the club came second, far behind winners FC Barcelona and were knocked out by Manchester City in the semi-finals of the competition.