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Record profits at Bayern Munich

Bayern Munich's profit before tax increased by 23 per cent to a record €66m in 2016/17. The profit increase was largely due to player sales, but this is the 25th consecutive year in which the club has made a profit.

Only Manchester United have a bigger commercial income and commercial income was 58 per cent of revenue. This reflects a kit deal with Adidas worth €600m a year and a shirt sponsorship scheme with Deutsche Telekom worth €30m a year.

However, the high share of commercial income also reflects relatively low incomes from broadcasting by international standards. The broadcast revenue of €148m in 2015/16 was well behind the amounts earned by English and Spanish clubs, even before the new Premiership deal. However, the next four year Bundesliga deal from 2017/18 will deliver a 85 per cent increase.

€267m was earned from European competition. The wages to turnover ratio of 45 per cent is comfortably below the 50 per cent target recommended by Deloitte.

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