Bayern Munich announce record turnover despite 2016-17 UCL exit

Bayern Munich have announced record turnover of €640.5 million (£572.77m) and operating profit of €149.1m for the 2016-17 fiscal year.

In a statement released ahead of the club's Annual General Meeting on Friday, deputy chairman Jan-Christian Dreesen said the figures were achieved despite early exits from two key competitions last season.

Dreesen said the success had been achieved "even though lucrative revenue streams were lost compared to previous seasons due to the quarterfinal exit from the Champions League and failure to reach the DFB Pokal final."

He added: "The outstanding profit situation and the associated increase in financial power allows FC Bayern to make the investment in our first-team squad necessary to ensure we remain competitive among the professional footballing elite in Europe.

"Our commercial endeavours primarily serve the single objective of maximising our sporting success."

The figures also revealed that club membership has risen to 290,000 with 4,327 official fan clubs.