Bayern Munich announced "record-breaking revenue" of €640.6M for the '16-17 season and post-tax profits of €39.2M, which represented an 18.6% increase from the previous season, according to Jason York of BAVARIAN FOOTBALL WORKS. CFO Jan-Christian Dreesen said that Bayern's elimination in the quarterfinals of the Champions League and failure to reach the DFB-Pokal final actually cost the club "around" €25M in revenue, though financially it remains "one of the top clubs in Europe." Bayern Chair Karl-Heinz Rummenigge saw the continued rise in revenue and post-tax profits as "a good example for legitimate and solid financial policies." Faced with a "transfer market awash with fees now in the hundreds of millions," Rummenigge said that Bayern "spent €100 million on new players, which is a lot of money from our perspective. We have a clear strategy and philosophy, which we continue to implement." Rummenigge reiterated that the club’s goals are "to be German champions, and we also want to compete for the Champions League title," but added that the new €70M ($82.2M) youth development center will "bring through young talent, but we also have to continue finding and signing the right players in the transfer market" (BAVARIAN FOOTBALL WORKS, 10/23).
