Real Madrid have announced that they are the highest revenue-generating football club in the world.

Their 2023/2024 reports shows the LaLiga club have exceeded €1billion ($1.08bn) in takings.

The revenues does not include player transfers, which hit €1.073bn, a €230million rise from the previous year and a 27% increase.

The UEFA Champions League winners closed out the 2023/2024 financial year with after-tax profits of €16m, 32% higher than last season.

A club statement read: “This is an unprecedented figure for any football club.

“The club maintains its sound financial status with a net equity of €574m.

“The club has continued its profitable trajectory year after year since the turn of the century.

“Every line of business has seen growth, with the exception of broadcasting rights, where revenues received from LaLiga in 2023-24 were lower than in the 2022-23 season.”