Bayern Munich announced a new record turnover of €640.45million for the 2016-17 season despite failing to get beyond the Champions League quarter-finals.

Carlo Ancelotti guided the team to a fifth successive Bundesliga title, and although there was little other success on the field in terms of trophies, the club enjoyed a hugely positive year financially.

At Saturday's Annual General Meeting, it was revealed that their pre-tax profits increased by 22.2 per cent to €66.2m, while post-tax profits were €39.2m, up 18.6 per cent on the previous year.

Things could have been even sweeter were it not for Real Madrid eliminating Bayern in the last eight of the Champions League, however, with chief financial officer Jan-Christian Dreesen revealing how much money the club missed out on as a result.

He told Bayern's official website: "Our failure to progress beyond the quarter-final of the Champions League against Real Madrid and not reaching the DFB-Pokal final cost us around €25million.

"However, we were still able to make gains and remain one of the top clubs in Europe financially."

Karl-Heinz Rummenigge has been chairman since 2002 when the club became a public limited company, and he highlighted how much Bayern have grown in that time.

"Our initial revenue of €162.7million [in 2002] has now quadrupled and membership numbers have trebled to 290,000," he said.

"Our decision, despite concerns from some, to make the football department a public limited company in 2002 was not just an important step in the construction of the stadium but also spot-on and pioneering."