Real Madrid have claimed the mantle of the highest-earning club in world football after posting record revenues in their latest financial figures.
The European champions saw revenue rise 7.4 per cent in 2015-16 to €620 million, eclipsing the figures recorded by Barcelona and Manchester United.
Barca's total of €679m included player sales (thought to amount to approximately €67m), unlike that of Madrid, while United brought in €570m when their latest records were released in September.
Madrid have also wiped out €96m of debt but profit decreased by 22.5 per cent, from €55.9m to €43.3m.
A club statement read: "The Real Madrid Board of Directors have agreed to call an Ordinary General Assembly for October 23, 2016.
"The corresponding results for the 2015-2016 season which will be submitted for approval are as follows: Operating revenues for the financial year 2015-16, without taking into account capital gains obtained as a result of player transfers, have topped 600 million euros for the first time, reaching a figure of €620m, a 7.4 per cent increase on the previous financial year.
"The operating result before repayments and player transfers ('recurring EBITDA') has risen to €163.2m, which is the highest figure ever reached by the club, representing a 26.3 per cent increase on revenue figures and a rise of 20.9 per cent on the previous financial year. This improvement in profitability is due to an increase in revenues having subtracted operating expenses and provisions corresponding to risks and contingencies.
"A pre-tax profit of €43.3m has been recorded, which is 22.5 per cent less than the previous financial year. This is due to the non-recurrent effect of player transfers, despite the operating improvements recorded. After achieving a net profit (after tax) of €30.3m, net worth has risen to €442.2m.
"The cash balance has risen by €102.6m to reach a figure of €211.5m, thanks to higher cash flow generated by operations and restraints on investments.
"As a result of the increase in liquid assets and the reduction of creditor balances by investments, the net debt has fallen by €108.9m to sit at a figure of €-13.1m, which in reality represents, not a debt but rather a net liquidity position. Therefore, multiples of debt over EBITDA and net worth have been reduced to zero, indicating a position of maximum solvency."