Bayern announce record turnover following one-off Kane transfer

 

MUNICH – Bayern Munich announced a record turnover for the past season at an annual general meeting on Sunday, but the German champions warned that the €100 million arrival of Harry Kane was an exception not a new norm. 

Turnover rose by 28% to €854.2 million ($915.3 million) as the football industry continues its recovery from the coronavirus pandemic.

“This is an extraordinary achievement,” chief financial officer Michael Diederich told the AGM.

Group profit before tax more than tripled in the 2022-23 financial year, rising from €17.1 million to €54.5 million. Net profit rose to €35.7 million, an increase of €23 million compared to the previous season.

“Everything we generate is invested in sport. For us, it’s always about sport first and foremost. Our most important return on investment is titles,” Diederich added.

Despite the strong financial numbers, chief executive Jan-Christian Dreesen, who replaced Oliver Kahn at the end of last season after the former goalkeeper was sacked, told the AGM: “100 million transfers are not the new order of the day.”

England striker Kane is Bayern’s record buy, joining from Tottenham in August. He has so far shown that it was €100 million well spent after hitting a league record 17 goals in his first 11 Bundesliga games.

The 30-year-old has already scored more than the league top scorers did in the whole Bundesliga season of 34 games last term.

But although Bayern will not spend such sums on one player every year, Dreesen appealed to other clubs in the Bundesliga to help the perennial champions boost German football’s profile and revenue.

“The principle of solidarity applies – for everyone. Everyone must be prepared to break new ground, because this is the only way the Bundesliga can remain internationally competitive,” he said.

“We must all work hard to significantly increase revenue from international marketing. The summer tours are just a small component of this, but I call on all clubs to make themselves more visible. This summer, only Dortmund and Bayern were on the road – that’s definitely not enough.”

Recent Bayern AGMs have been fractious affairs, with fans unhappy at the club previously being sponsored by Qatar Airways because of the country’s human rights record.

The Bavarians have also regularly held mid-season training camps in Qatar, angering the same fans, but this season look set to stay home during the short Bundesliga break in December and January.

This year’s meeting has therefore been more serene, although one controversy was addressed.

Bayern president Herbert Hainer warned defender Noussair Mazraoui against a repeat of his pro-Palestinian social media post.

The club have “dealt with this complex issue as responsibly as possible,” Hainer said.

“All in all, one thing is clear: something like this must not happen again.”

Morocco’s Mazraoui was allowed to remain in the Bayern squad with his internal punishment not disclosed after he spoke out amid the war between Israel and Palestinian militant group Hamas, which controls the Gaza Strip.

Hainer added: “Anti-Semitism has no place in our world. Bayern want peace all over the world – especially in the Middle East and Ukraine.”

Hainer took the chance to thank former coach Julian Nagelsmann, who was surprisingly sacked by the club in March before going on to become Germany boss ahead of the home Euro 2024.

He was fired by chief executive Kahn and sporting director Hasan Salihamidzic, who were both subsequently sacked themselves by Bayern. Pundits have long suspected Hainer was not in agreement with the decision to axe Nagelsmann for Thomas Tuchel.

Bayern went on to win the Bundesliga title under Tuchel but went out of the German Cup and Champions League.

“I would like to thank Julian Nagelsmann for his time at Bayern and for winning the Bundesliga title in 2022,” Hainer told delegates. “We wish him all the best with the national team.”