For the year ended June 30, 2005 the Spanish club's income increased 17 per cent to 275.7million euros (£183.8million), according to the UK's Daily Telegraph.
It will not be known what United has earned in that period until next April, and the club has now de-listed from the Stock Market since its takeover by the Glazers.
But Madrid's figures are well ahead of what United earned in the year to July 31, 2004, when income was £169million.
In the five years since Florentino Perez was elected president of Real Madrid, revenue from sponsorship and merchandising has tripled following the signing of so-called 'galacticos' such as Zinedine Zidane and David Beckham.
