Munich announces record profit

Munich — Bayern Munich made a record profit after tax of 23.8 million euros ($25.2 million) last season, the club announced at its annual general meeting on Friday.

Bayern said it had a turnover of 523.7 million euros ($555 million) for the financial year 2014-15, slightly below that of the previous year.

It's the second consecutive year that Bayern has had turnover of over half a billion euros. The club earned five million more the previous season due to its participation in the Club World Cup and UEFA Super Cup.

"Maximum sporting success with financial solidity - that's our maxim," Bayern deputy chairman Jan-Christian Dreesen said.

Match income was a total of 137.6 million euros ($146 million) as it competed in the Champions League, German Cup and Bundesliga - which it won for a third straight year - as well as friendly games. Sponsorship and marketing provided another 113.9 million euros ($121 million), merchandizing including jersey sales provided 101.7 million euros ($107.7), while domestic TV and radio contributed 58.3 million euros ($61.8 million).

Salaries were the biggest expense at 227.3 million euros ($241 million).