Real Madrid have earned record revenue in past one year to ensure that they remain the richest sporting institution for the 10th year in a row.

Real Madrid president Florentino Perez announced the financial results of the club, ahead of the Annual General Meeting of the directors which is scheduled to take place on 21st September.

The club statement shows that the total revenue for the 2013/14 season stands at 603.9 million euros, 10.9 % more than the last financial year. Net profits, after tax, stand at 38.5 million euros, 4.4 % more than the previous financial year. Net debt amounted to 71.5 million euros, which represents 21 % less than the previous financial year. And Real Madrid’s contribution to the State tax and national insurance revenue has risen to 167 million euros.

Real Madrid appointed Carlo Ancelotti as the new manager at the start of the last season and the Italian won the much coveted La Decima in his debut season. This success in Europe, along with the arrival of world record signing Gareth Bale, seems to have played a crucial role in increasing the revenue of the club.

“For the 10th consecutive year, we will be the highest-earning sports institution in the world and, for the third consecutive year, Forbes considers us the most valuable club in the world,” Perez said to reporters.

“For me, being chairman of Real Madrid is an honour but running this wonderful club is a responsibility and we should never forget that, after 112 years of history, Real Madrid still belongs to its members.”

Real Madrid have made huge outlays on players like Gareth Bale, Cristiano Ronaldo and James Rodriguez in past few years and despite of the enormous amount paid for the acquisition of these players, club has been successful in making profit through its investment. And president Perez is proud of this achievement. He said: “Real Madrid is a case studied at Harvard and other universities: as a club investing in players it has gone from earning 100 million euros to 300. What I want, and I have told the members, is that in addition to being a football club, we want it to belong to the members”.

The Real Madrid president also took the opportunity to clarify on the situation concerning Cristiano Ronaldo. Ronaldo has criticized the management of Real Madrid for sale of Di Maria but Perez said that the Portuguese is happy at the club.

“I know Ronaldo very well. In addition to being the best player in the world, which is obvious, his loyalty has been unquestionable. I’ve heard his statements and I am certain he has not tried to question the club’s policy. “