On June 1, Borussia Dortmund and Real Madrid CF will take center stage in European football, battling for the UEFA Champions League title.

Let’s have an overview of the financial and business performance of the two finalists before their big night at Wembley:

In the 2022/23 season, Real Madrid emerged as the club with the highest operating revenue globally, reaching €830 million and surpassing Manchester City. The newly crowned Spanish champions recorded a 16% revenue growth (+30% compared to 2020/21).

Borussia Dortmund, narrowly missing the Bundesliga title in 2022/23, generated operating revenues that are roughly half of Real Madrid’s (€425 million). Their growth trend is slightly slower: +13% annually and +23% compared to 2020/21.

For both clubs, commercial revenue is the main income source: 53% of total revenue for Borussia Dortmund and 45% for Real Madrid in 2022/23.

The new Santiago Bernabéu stadium is expected to significantly boost Real Madrid’s matchday revenue, potentially reaching €300 million, according to the club’s estimates. Combined with the new and wealthier formats of the 2024/25 UEFA Champions League and the FIFA Club World Cup, and the potential commercial impact of the anticipated signing of Mbappé, Real Madrid are favored in the race to €1 billion in operating revenues, outpacing clubs like Manchester City and PSG.

Real Madrid ranked only 5th globally in staff costs at €453 million in 2022/23, achieving a 13% reduction compared to the previous season, and a staff cost to revenue ratio of 55%. Borussia Dortmund slightly increased their staff costs by 2% to €236 million, maintaining a sustainable labor cost/revenue ratio of 56%.

In the 2022/23 season, both clubs achieved an after-tax profit of around €10 million.

Over the past 3 seasons, Real Madrid recorded a positive net result of €26 million, while Borussia Dortmund accumulated a net loss of nearly €100 million, clearly impacted by the pandemic. Notably, Real Madrid’s positive result was significantly boosted by €318 million in extraordinary revenue from Sixth Street in 2021/22, related to the anticipation of future revenues related to the new stadium exploitation rights.

The market value of Real Madrid’s squad is almost double that of Borussia Dortmund’s: €1.130 billion vs. €568 million. The value ratio of the best starting XI remains nearly identical: €793 million vs. €344 million.