Real Madrid Announce Positive Financial Results for 2022/23 Financial Year

• Real Madrid ended the 2022/23 financial year with €11.8 million in profit
• This is more than the club's pre-pandemic earnings in the 2018/19 season
• The Spanish giants made €843mil in the recently-concluded financial year

Real Madrid concluded the 2022/23 financial year by making €11.8 million ($13.25 million) in profit - a positive result compared to their pre-pandemic levels.

Despite the impact of COVID-19 and the expensive renovation of Santiago Bernabeu, the 2022 European champions have registered a profit over the last four years.

In an official statement, Real Madrid announced the results that their revenue for the 2022/23 season was €843mil, up 17% from the previous year and surpassing their pre-pandemic revenue of €757mil in 2018/19 for the first time.

Comparatively, the club's net debt is at €46.7mil.

However, stadium revenue was hampered by the refurbishment of the Santiago Bernabeu Stadium and is 13% lower compared to the 2018/19 pre-pandemic season.

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The renovation of the stadium will cost €893mil and will be finished by the end of 2023.

Disappointing 2022/23 season for Madrid

Real Madrid had a disappointing 2022/23 season with periods of success. They lost the La Liga title to Barcelona and were knocked out in the semi-final of the UEFA Champions League.

They ended the season by beating Osasuna to win the 2023 Copa del Rey, per Sports Brief. Furthermore, they lifted the European Super Cup and Club World Cup earlier in the season, according to Eurosport.

Los Blancos' basketball first team won the Euroleague trophy and the Spanish Supercup. Real Madrid also signed Jude Bellingham this season from Borussia Dortmund for €103mil and beat Barcelona to the signing of Turkish prodigy, Arda Guler, per Sports Brief.

Real Madrid star's mother cries

Sports Brief also reported on Guler sharing an emotional moment with his mother, who was unable to hold back her emotions at seeing her teenage son presented as a Real Madrid player.

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As a video of the highlights of the former Fenerbahce star's career so far was played by the Spanish giants during his big reveal recently, Serap Guler could be seen shedding tears of joy.

The left-footed playmaker - dubbed the Turkish Messi - helped his mum wipe the tears away and then kissed her on the cheek. Guler's father took his wife's hand to comfort her as well.