Real Madrid reveal record revenues prior to Gareth Bale deal

Madrid: Real Madrid said they posted record revenue of more than half a billion euros (dollars) for a second straight season in 2012-13.

The world's richest club says it earned 521 million euros ($684 million) - a 1.2 percent increase from the previous year - for a profit of 37 million euros ($48.5 million) in a season that failed to produce a major trophy.

Madrid said they reduced their debt by 34 million euros ($45 million) for a total still owed of 91 million euros ($119 million).

These figures do not include Madrid's transfer business from this summer, topped by their world-record payment of 100 million euros ($132 million) for Gareth Bale.

Madrid, which lead Spanish rival Barcelona in the rich list, said their revenue figures are "not reached by any other sporting institution in the world."