Real Madrid have projected a budget of €617 million (US$743 million) for the 2020/21 season, some €300 million (US$361.2 million) less than what would have been expected without Covid-19, reports, www.sportspromedia.com/.

The La Liga champions made the forecast as they announced their financial results for 2019/20, which revealed that the club missed out on more than €106 million (US$127.6 million) in income due to the pandemic as their revenue fell 5.6 per cent to €714.9 million (US$860.9 million).

Despite the drop in revenue, Real still managed a small profit of €313,000 (US$376,000), but that was still down significantly from the €38.4 million (US$46.2 million) they made during the 2018/19 campaign.

The club closed financial year on 30th June with net equity of €533 million (US$641.8 million) and liquid assets worth €125 million (US$150.5 million).

Real said that, without the pandemic, they would have expected to achieve revenues close to €900 million (US$1.08 billion) for 2020/21, but their latest forecast is now down 25 per cent compared to their 2019/20 budget prior to Covid-19, which was €822.1 million (US$989.9 million).

In an attempt to offset the financial impact of the pandemic, Real say they have implemented a savings plan which has achieved a spending reduction equivalent to eight per cent of the total annual outgoings.

Other cost-saving measures have seen players and coaches for Real's soccer and basketball first teams, as well as top executives, agree to a ten per cent pay cut for this year.