Real Madrid’s revenue grew by almost nine percent last season to €674.6 million, the European champions said on Friday.

The results for the 2016/17 financial year, which Real said were without taking into account capital gains from player transfers, were up 8.8 percent on the €620.1 million generated the previous season.

Although profits were down from €30.3 million to €21.4 million, Real said that was due to player bonuses paid for winning the Champions League, La Liga, Club World Cup and UEFA Super Cup.

“On a financial plane, the titles have been reflected in increased revenues, but also in higher expenses; particularly relating to bonuses paid to sporting personnel, resulting in reduced liquidity,” said Real on their website.

Real said their cash balance of €178 million was the second highest in their history after the previous year’s figures, although they again said that “the drop on last year comes as a result of bonus payments”.

Provided by AFP Sport