November 20, 2018 / 12:06 PM / 21 days ago

Bayern Munich 2017-18 turnover up slightly to 657 million euros - club

FILE PHOTO: The logo of German first division soccer team Bayern Munich is seen on an official football shirt of Germany's most successful soccer team in Troisdorf near Bonn, western Germany March 9, 2016. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters) - Bayern Munich’s annual turnover for 2017-18 reached 657.4 million euros (584.95 million pounds), up almost three percent from last season but net profits were down, the German champions said on Tuesday.

Bayern won their sixth successive league title last season but European success eluded them again as they crashed out of the Champions League in the semi-finals, losing twice to eventual winners Real Madrid.

Turnover was up from 640 million euros the previous season while EBITDA stood at 136.5 million, down from 149 million in 2016-17. Net profit was also down to 29 million euros from 39 million.

“Bayern Munich can be very satisfied with the financial results for 2017-18,” club CEO Karl-Heinz Rummenigge said in a statement.

“Apart from the sporting success with victory of the German league title and the good run in the Champions League, these results are proof that Bayern also had a good year in financial terms.”

The Bavarians have not had the best start to their current domestic campaign, lying in fifth place in the Bundesliga, seven points behind leaders Borussia Dortmund. However, they are all but through to the Champions League knockout stage, top of Group E with two matches remaining.

Reporting by Karolos Grohmann; Editing by Christian Radnedge

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