Real Madrid revealed they have lost "close to €300million" in revenue during the coronavirus pandemic as their financial results were announced on Wednesday.
However, Los Blancos reported a post-tax profit of €874,000 for 2020-21, up from €313,000 in the previous financial year.
"In this way, the club will be one of the few big clubs in Europe that does not incur losses in these two years, given that – according to a UEFA study – the operating losses accumulated by European clubs between 2019-20 and 2020-21 will approach €6billion," Madrid said.
A statement attributed the club's financial performance to "intense spending saving measures in all areas".
These measures, Madrid said, were the only way to compensate for a sizeable nine-figure revenue loss, "to which we would have to add the loss of new income that could have been achieved if the pandemic had not existed."
The 13-time European champions did not make a single first-team signing in the 2020-21 season while selling Achraf Hakimi and Sergio Reguilon and allowing James Rodriguez to leave.
Further big names are following this year, with Sergio Ramos departing after claiming a contract offer was withdrawn and Raphael Varane widely linked to Manchester United.
However, Madrid are not considered to be in as tricky a situation as rivals Barcelona, who are closing on a new deal for Lionel Messi but must first clear room under their salary cap.
And Los Blancos – whose Santiago Bernabeu stadium is under renovation, with the team playing elsewhere during the pandemic – continue to be linked with high-profile moves for the likes of Kylian Mbappe.
But the final line in Madrid's financial report appeared to rule out sudden significant expenditure.
"With regard to the economic situation, current forecasts indicate that the recovery from the pre-pandemic situation will not be immediate," the club said.
"In this context, the club will continue in the effort so far to contain spending."