Real income growing despite lack of silverware

The nine-times European Cup winners were the first team in any sport to post revenues in excess of 400 million euros in a single year, accountancy firm Deloitte said in their most recent survey of the world's richest clubs back in March.

Real reported their net profit had risen 11.5 percent to 24 million euros, and that their net debt had shrunk from 326.7 million to 244.6 million euros.

The club did not give a figure for total debt but a survey carried out by University of Barcelona professor Jose Maria Gay published in May said it stood just below 700 million euros at the end of the 2008/9 season.

Real suffered a trophyless campaign last time round being beaten to the La Liga title by arch-rivals Barcelona, but appear to be in a healthier financial position.

In August, new Barca president Sandro Rosell posted accounts which showed that although the Catalan club's income had risen to 408.9 million euros, they had suffered a post-tax loss of 77.1 million euros.

Their net debt was listed as having swelled to 442 million euros, and Gay's survey listed their total debt as being 489 million at the end of the 2008/9 season.

Deloitte rated Barca as the world's second richest club by revenue, behind Real Madrid.

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