Soccer

Chelsea announce losses of £145.6m despite Champions League win

Club’s finances severely affected by pandemic and are reliant on Abramovich

Chelsea players celebrate after winning the Champions League last season. Photo: Alexander Hassenstein - UEFA/Anadolu Agency via Getty Images

Thu Dec 30 2021 - 13:40

Chelsea have announced losses of £145.6m (€173.4m) after tax for the year despite being crowned European champions in May.

Thomas Tuchel’s appointment to replace Frank Lampard at the end of January transformed the team’s fortunes on the pitch as they went on to defeat Manchester City in the Champions League final.

But the club’s financial results for the year to June 30th 2021 have been severely affected by playing games with no crowds because of the Covid-19 pandemic, while there was also a reduction in profit on player sales.

Chelsea’s turnover increased from £387.8m (€462m) to £416.8m (€496.6m) thanks to an increase in broadcasting revenue. But after posting a profit of £39.5m (€47m) in the previous financial year, this year’s losses are significantly more than the £102m (€121.5m) in the 2019-20 season.

READ MORE

Chelsea’s accounts state they are “reliant on Fordstam Limited for its continued financial support”. The company is owned by Roman Abramovich, and has indicated it will continue to support the club “for the foreseeable future”. As well as winning the Champions League for the second time, Chelsea finished fourth in the Premier League and reached the FA Cup final. – Guardian