Chelsea has announced a net loss of £121.3 million, which it attributes to sanctions imposed by the UK government on former owner Roman Abramovich last spring.
The club’s new owners stated in a statement that the sanctions could have a negative financial impact for years to come because they prevented them from “entering into new contractual arrangements.”
After Abramovich was sanctioned in early March, the London-based club, which was sold to a consortium led by new chairman Todd Boehly in late May 2022, was unable to sell tickets or merchandise.
Despite this, Chelsea’s overall turnover increased to £481.3m from £434.9m the previous year due to increased matchday revenue following the return of supporters following the pandemic.
Despite the sanctions, Chelsea’s overall turnover increased to £481.3 million from £434.9 million the previous year due to increased matchday revenue following the return of supporters following the pandemic.
Commercial revenue increased to £177.1 million, with the club citing “a net increase in sponsorship revenue from new contracts and existing partner renewals.”
During 2021/22, they spent £118 million on the playing squad and made a profit on player trading, with the sales of Tammy Abraham to AS Roma, Marc Guehi to Crystal Palace, Fikayo Tomori to AC Milan, and Kurt Zouma to West Ham totaling £123.2 million.
Chelsea issued the following statement in conjunction with the publication of the accounts:
“The club had to operate within the parameters of a special licence issued by the UK government.” These restrictions remained in effect until the club’s sale was completed on May 30, 2022.
“During this time, the club was restricted in a number of areas, including but not limited to its ability to sell matchday and season tickets, merchandise, accept event bookings, and sign contracts with players and commercial sponsorship partners, all of which resulted in extraordinary expenses and revenue loss.”
“Furthermore, due to the long-term impact of restrictions on entering into new contractual arrangements, some of these limitations are also expected to have an impact on the financials in the following years.”
