01/28/2014 09:42 EST | Updated 03/30/2014 05:59 EDT

Bundesliga sets another earning record as it continues to grow

FRANKFURT - The Bundesliga reports its ninth straight earnings record in the past season, growing by 4.4 per cent over the 2011-12 season.

Its annual report published Tuesday says the operative profit was at an all-time high of €383.5 million ($523.44 million).

Earnings reached €2.17 billion ($2.96 billion) and 17 of the 18 top-flight clubs were in the black before interest, taxes, depreciation and amortization (EBITDA).

Two Bundesliga clubs, Bayern Munich and Borussia Dortmund, reached the Champions League final for the first time last season.

Christian Seifert, Chief Executive Officer of the German Football League, says the Bundesliga has succeeded in combining "top-level" performance with "economic rationality."