Bayern Munich announces record €640m turnover

Despite a quarterfinal exit in the Champions League, Bayern Munich has set a new turnover record and made post-tax profits of €39.2m.

Failure to progress beyond the quarterfinal in the Champions League and not reaching the DFB-Pokal final cost Bayern Munich around €25million.   -  Bongarts

Bayern Munich announced a new record turnover of €640.45million for the 2016-17 season despite failing to get beyond the Champions League quarterfinals.

Carlo Ancelotti guided the team to a fifth successive Bundesliga title, and although there was little other success on the field in terms of trophies, the club enjoyed a hugely positive year financially.

At Saturday's Annual General Meeting, it was revealed that its pre-tax profits increased by 22.2 per cent to €66.2m, while post-tax profits were €39.2m, up 18.6 per cent on the previous year.

READ:  Barcelona approves €897million budget following record revenue in 2016-17

Things could have been even sweeter were it not for Real Madrid eliminating Bayern in the last eight of the Champions League, however, with chief financial officer Jan-Christian Dreesen revealing how much money the club missed out on as a result.

He told Bayern's official website: "Our failure to progress beyond the quarterfinal of the Champions League against Real Madrid and not reaching the DFB-Pokal final cost us around €25million.

"However, we were still able to make gains and remain one of the top clubs in Europe financially."

Karl-Heinz Rummenigge has been chairman since 2002 when the club became a public limited company, and he highlighted how much Bayern have grown in that time.

"Our initial revenue of €162.7million [in 2002] has now quadrupled and membership numbers have trebled to 290,000," he said.

"Our decision, despite concerns from some, to make the football department a public limited company in 2002 was not just an important step in the construction of the stadium but also spot-on and pioneering."

For more updates, follow Sportstar on :