Spanish football clubs bucked the trend by making a collective profit last season despite the impact of Covid-19.
LaLiga, which encompasses the top two divisions of men’s football in Spain, reported a profit of €77m for 2019-20.
Revenue grew 3.6 per cent year on year to just over €5bn, although net debt grew from €2.6bn to €3.4bn.
Spanish football clubs are subject to financial rules that limit them to spending what they show they can afford.
Despite this, Real Madrid and Barcelona both have huge levels of debt that has reined in their ambitions.
Atletico Madrid won LaLiga last season – only the second time neither of Spain’s two biggest teams did so in 17 years.
Spanish football clubs’ profits are in stark contrast to the other major European leagues.
Pandemic-squeezed Premier League teams made a record aggregate loss of almost £1bn last season.
Revenue among the top English clubs fell for the first time in the Premier League era, by 13 per cent to £4.5bn.
Comparing the top two divisions of other major nations, German teams made a €213m loss. French clubs lost around €500m and Italian sides €757m.