Dortmund reports highest revenue in club history—just a few months after the sale of English midfielder Jude Bellingham

The amount, which does not take into account money raised from transfer fees, represents a 24 percent increase on the previous season.

Despite a disappointing fifth placing in the Bundesliga, Dortmund’s surprising run to the Champions League final, where they lost 2-0 to Real Madrid, was the major reason for the club’s record income.

Increased TV revenue and merchandising were also factors in the increase.

“This is my 20th annual press conference, and it’s certainly one of the most satisfying ones,” club boss Hans-Joachim Watzke said on Friday.

The actual revenue is likely to be significantly higher, as Dortmund sold English midfielder Jude Bellingham to Real Madrid for 103 million euros during the reporting period.

Dortmund, the only German side floated on the country’s stock market, said they will pay a dividend of six cents per share as a result of the record results.

As with all German football clubs, Dortmund must comply with the 50+1 rule, which ensures member control and restricts outside investment or ownership.