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CHELSEA have felt the crippling impact of the pandemic by recording a post-tax loss of £145,6million for the financial year ending in June.
The bleak figure is largely put down to a near-complete loss of matchday revenue due to fans being shut out, as well as a decrease in profit from selling players.
It is in stark contrast to the previous financial year before Covid-19 struck when Roman Abramovich’s Blues made a profit of £39,5m. Turnover actually went up by £29m to £416,8m — largely due to a broadcast income boost.
But matchday revenue was just £7,2m — constituting a whopping annual fall of £68,4m.
Just three matches had any capacity at all during the period accounted for – and that was with a limit of 2 000 last December and 10 000 in May.
Having no supporters at the ground had a £16,1m hit on commercial income too.
Cash raised from offloading players was way down on the £142,6m on the previous financial year, with sales of the likes of Victor Moses and Nathan raising only £27,9m.
Chelsea also splashed £220,3m on new signings in the period, including Kai Havertz, Ben Chilwell and Edouard Mendy.
The £97,5m signing of Romelu Lukaku was not included as the financial year ended the day before the 2021 summer transfer window opened.
According to the accounts, the squad’s value before Lukaku’s arrival was £957m, meaning the roster now at Thomas Tuchel’s disposal is worth more than a billion.
Wages in the period were an eye-watering £333m, with an average player salary of £155 000 a week.
Chelsea continue to be heavily reliant on being bankrolled by oligarch Abramovich and the company he owns, named Fordstam Limited.
The accounts confirm the club owes more than £1bn to “related companies” and also state it “is reliant on Fordstam Limited for its continued financial support”.
It says Fordstam has indicated support will continue “for the foreseeable future”. — Reuters
Online Reporter