What I was talking about with balance was in the way the business is run. Real Madrid and Barcelona have to loan money from their government to subsidize their player transfer purchases. This doesnt reflect well in football. Sometimes those top clubs dont have any revenue at a given year because they borrow and spend too much. Bayern on the other hand is a well run business.
Real Madrid and Barcelona do that because they dont accept any foreign investors unless the sponsorship fee, not like Premier League teams. But, they still manage their financial management professionally and listed as the most profitable teams. Logically, if Bayern dont spend too much, then surely they will be the most profitable team then, but hey they are just on 10th position in the list. We can look how well the team run its business based on how profitable that team.
Correction Bayern is 4th on the list and they are without any debt. Real Madrid and Barcelona have the most massive debts. Look at this report.