Chelsea Announce Eye-Watering Financial Losses

Chelsea

Last season’s Champions League winners Chelsea have announced eye-watering financial losses for the year until 30 June 2021.

The Premier League club won last season’s Champions League under Thomas Tuchel, but posted a financial loss of £145.6m after tax.

The club’s turnover went up from £387.8m to £416.8m, thanks to an increase in broadcasting revenue, but the club say playing many matches in an empty stadium and a reduction in profit on player sales were the main reasons for the loss.

Chelsea FC PLC is supported financially by Fordstam Limited, a company owned by Roman Abramovich, and accounts confirm that the club owes more than £1bn to “related companies”.

The accounts add that the company is “reliant on Fordstam Limited for its continued financial support” and that Fordstam has indicated support will continue “for the foreseeable future”.

Chelsea Football Club’s accounts also say there is £24.1m owed due to unspecified “ongoing legal matters” with a decided “impairment loss” of £17.9m necessary against the value of its squad.

The club have signed three players for a total of £109.7m – striker Romelu Lukaku, goalkeeper Marcus Bettinelli and midfielder Saul Niguez, on loan from Atletico Madrid.

In the same period, they have sold 13 players for a combined £103.7m with an additional £16.4m likely if outstanding clauses are all met.

Meanwhile, on-field, the club were dealt a blow in the Premier League title race as Danny Welbeck netted an equaliser for Brighton which saw the Blues drop points and lose ground to leaders Manchester City.

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