Real Madrid have announced that they are the first football club in the world to surpass €1billion (£840million) in revenue.

The LaLiga giants announced their financial accounts for the 2023-24 season on Wednesday, stating that they have pocketed an eye-watering €1.073bn (£1.45bn) in revenue.

That figure does not include player transfers but is staggeringly a 27 per cent uplift on their revenue for the 2022-23 season, where the club earned €843million (£708m).

This year's Champions League winners finished the year with an after-tax profit of €15.6m, a 32 per cent increase, and are anticipating more growth in the coming year.

Acquisitions of footballing superstars like Jude Bellingham and the club's success on the pitch - also winning the LaLiga title and the Spanish Super Cup - have contributed to the growth of the club's business dealings.

Real Madrid have announced that they are the first club in the world to reach €1billion (£840million) in revenue

'In this period, despite the stadium not being fully operational, the Club has succeeded in eclipsing the one-billion-euro mark in operating income before disposal of fixed assets. This is an unprecedented figure for any football club,' Madrid said in a statement on the club's website.

'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. The gains in marketing and the stadium are particularly notable.'

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The astronomical figures come while the club was also completing its renovations to the Santiago Bernabeu stadium, with the stadium not being fully operational for parts of last season.

The statement adds: 'As for the stadium, despite the business elements related to the remodel not being fully complete, there has been a progressive increase in terms of capacity and commercial operations over the course of the year. This saw the initiation of new business areas in the latter part of the financial cycle, in particular hosting major events and a new premium offering with new VIP experiences.'

While the Dallas Cowboys are still valued as the most valuable sporting franchise in the world, according to Forbes, at £6.87bn, Real Madrid are the world's richest football team.

They sit 11th with a valuation of £4.6bn in Forbes' rankings, while Manchester United are 13th in the table and their Spanish rivals, Barcelona, are 18th.

Real Madrid are forecasting even more growth for the year ahead, having also recently acquired France World Cup winner Kylian Mbappe on a free transfer from Paris Saint-Germain.

'As for commercial activity, the Club has significantly enhanced both merchandising and sponsorship activities during the 2023-24 financial year,' the statement adds. 

'The Club expects this commercial boost to continue and grow even stronger in the 2024/25 financial year, supported by the image-related benefits derived from both the composition of the playing squad and sporting success, as well as the renovated stadium.

'On the pitch, the Club intends to continue strengthening and developing its sporting model, aimed at continued success in both football and basketball. 

'This has distinguished the Club throughout its history and in recent years in particular. The most notable aspect in this regard is the signing of Kylian Mbappe by the first team, starting from the 2024/25 season.'