Bayern report 2.9 million profit

BERLIN - German champions Bayern Munich posted a 2.9 million euro profit in their successful 2009/10 season, the club announced at its annual general meeting on Tuesday.

Bayern won the domestic league and German Cup double last season and reached the Champions League final where they lost to Inter Milan.

The club recorded a turnover of 312 million euros and a net profit after tax of 2.9 million for the financial year July 1 2009 to June 30 2010.

It said sponsoring and marketing revenues stood at 82.6 million while income from merchandising reached 38.9 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at 61.2 million euros.

"Thanks to our sporting achievements we could again post a profit," said board member Karl Hopfner. "Bayern is also well positioned for the future with an equity-to-asset ratio of 65.1 percent which is 206.4 million euros.

"So our club remains financially independent and independent of market conditions."

The Bavarians are still paying off their Allianz Arena stadium and club president Uli Hoeness had said when it is paid off in six to 10 years' time the club will have about 30 million euros more to spend annually on transfers.