Spanish soccer giants Real Madrid have announced an increase in net profits to $42m for the 2018/19 season excluding player transfers, representing an increase of 23% over the previous year. The club also reported a cash balance of $170.8m.

Non-transfer revenues have remained near level at $830.6 million, with the club attributing the low growth to an early exit from the UEFA Champions League, having been eliminated by Ajax in the round of 16. Excluded from the figures is the impact of the sale of Cristiano Ronaldo to Juventus for ~$110m. Transfer revenue is typically accounted for separately because of its non-recurring nature.

Real Madrid forecasts that 2019/20 revenue will climb to $901.6m (excluding player transfers) in anticipation of LaLiga’s new rights sales and the activation of new sponsorship contracts.