Bayern Munich’s CFO Michael Diederich had the pleasure of delivering the sporting club’s annual financial report this week. The numbers were very impressive, highlighted by a record breaking revenue of €854M (breaking the previous high of €750M from the 2018/19 season).

Diederich touted the club’s ability to navigate the difficult economic conditions.

Revenues from domestic TV rights have been declining in the past few years.

CFO Michael Diederich criticizes: “Let me just point out here: a lack of know-how in the marketing of international TV rights cannot be compensated for with a bank loan – a different approach and different solutions are needed”

After’s Barcelona tumultuous spending spree that required the activation of multiple “levers” to sacrifice long-term assets for short-term liquidity, Bayern’s ability to grow revenue, maintain a healthy profit, and avoid debt should be applauded. Bayern shrewdly relied on outgoing transfers to fund the purchases of Harry Kane and Min-jae Kim.

Check out the full report here, including a 10-year chart for revenue, EBITDA, and net profit.