Real Madrid reveals record revenues, drop in debt

Real Madrid says it posted record revenue of more than a half a billion euros (dollars) in the 2011-12 season, an increase of seven percent.

The world's richest club says it earned €514 million ($673 million), up from a record €480 million, for a profit of €34 million in the season it won the Spanish league.

Madrid says its debt load dropped from €169.7 million to €124.7 million as it comes in line with UEFA's financial fair play requirements.

Madrid, which leads Spanish rival Barcelona and Manchester United in the rich list, says the revenue figures are "the biggest sum of any sporting institution in the world."