Real Madrid, soccer's richest club by revenue, said it expects sales to rise 9.4 percent in fiscal 2009 even as Spain heads into its first recession in 15 years.

Increased revenue from broadcast agreements and luxury boxes will help lift sales to 400.2 million euros ($505 million) for the year ending June 30, according to a copy of accounts sent to club members. Pretax profit will rise 6.6 percent to 54.8 million euros.

Real Madrid overtook Manchester United in 2005 as top- earning club as rated by Deloitte & Touche LLP. The Spanish club is bucking a slowdown in its home country that began in construction and spread to the rest of the economy. The recession has left rivals including Valencia and Deportivo La Coruna struggling.

"The club has made a big stride in achieving completely balanced revenue" from television, its stadium and marketing, Real Madrid said in notes accompanying the accounts, which need approval by club members at a Dec. 7 meeting. The team is owned by 92,000 members.

Real Madrid paid 11 million euros in bonuses on top of a wage bill of 140 million euros to a squad including Fabio Cannavaro and Ruud van Nistelrooy for winning a second straight Spanish championship last season, the accounts show.

The team has dropped to fourth in the current standings, six points behind Barcelona.

It agreed to sign striker Klaas Jan Huntelaar from Ajax yesterday for as much as 27 million euros, taking spending on player acquisitions to 433 million euros in four seasons. Huntelaar replaces Van Nistelrooy, one of 11 players out injured.

Some teams are reeling from the construction slump. Juan Bautista Soler, a real-estate developer, sold Valencia in September and Deportivo La Coruna hasn't been able to replace collapsed developer Martinsa-Fadesa SA as its jersey sponsor.