Real Madrid have record revenues of half a billion euros

Real Madrid say its revenues increased by 8 percent over the 2010-11 season to reach a record figure of nearly half a billion euros.

The world's richest club says it earned €480.2 million ($663 million) for a net gain of €31.6 million ($43.6 million) from a season when it won the Copa del Rey. The net profit margin was up from €24 million ($33 million) the season before.

Madrid also says its net debt dropped from €244.6 million ($337.6 million) to €169.7 million ($234.2 million).

Madrid, who lead Spanish rivals Barcelona and English champions Manchester United, say the revenue figures are "the biggest sum of any sporting institution in the world."