Atlético Madrid Finances 2023/24

(I'm Always Touched By Your) Presence, Dear

After Atlético Madrid’s agonising defeat on penalties to city rivals Real Madrid in the last 16 of the Champions League, I realised that I had not looked at their finances for a while. Strange, I know, but as someone once said, “the mind works in mysterious ways”.

In any case, Atlético’s 2023/24 accounts covered a season when they finished fourth in La Liga, their worst position for 12 years, though they did reach the semi-finals of the Copa del Rey, where they were beaten by Athletic Bilbao, and the quarter-finals of the Champions League, where they were eliminated by eventual finalists Borussia Dortmund.

It’s fair to say that the club has performed well in the 12 years since Diego Simeone became head coach in December 2011. Atléti have won the league twice during the Argentinian’s tenure, most recently in 2020/21, while finishing runner-up on two other occasions.

In fact, Atlético are the only club that has managed to break up the duopoly of Real Madrid and Barcelona in this period, which is pretty impressive, given the enormous financial advantages enjoyed by Spain’s Big two.

Profit/(Loss) 2023/24

The club said that the 2023/24 financial year had been “a generally good one with revenues approaching €400m for the first time in our history”.

Specifically, Atlético’s revenue rose €37m (10%) from €358m to €395m, though other operating income fell €14m (35%) from €39m to €25m, while operating expenses increased by €27m (7%) from €416m to €443m.

In addition, profit from player sales dropped €12m (29%) from €39m to €27m, though exceptional net income from construction services increased by €14m from €4m to €18m and net interest payable fell €2m (29%) from €23m to €21m.

As a result, their pre-tax profit slightly increased from €0.4m to €1.0m (€0.7m after tax).

Atlético’s revenue increase was driven by broadcasting, which shot up €38m (21%) from €184m to €222m, though there was also good growth in match day, up €17m (29%) from €59m to €76m. On the other hand, commercial fell €18m (16%) from €115m to €97m.

However, the revenue growth was largely offset by a steep increase in the cost base. Wages rose €23m (9%) from €245m to €268m, while other expenses were up €10m (10%) from €90m to €100m.

In contrast, player amortisation decreased €6m (8%) from €66m to €60m, though depreciation was up 3% to €16m.

Reported Profit/(Loss)

Unlike many other leagues, more than half of the clubs in La Liga have reported profits in their latest accounts, though ten of them generated less than €5m with the highest to date last season being Real Madrid’s €20m. In other words, Atlético’s €1m pre-tax profit was in line with the majority of clubs in the league.