Chelsea football club has confirmed that the club lost a whooping £145.6 million after-tax during the 2020-2021 season, according to the club’s account statement.
The statement from the club revealed that the London-based club lost money when they had to play behind closed doors last season. Recall that in most parts of the 2020-2021 season, football games in the United Kingdom were played behind closed doors due to the outbreak of the coronavirus pandemic.
Aside from the revenue, the club failed to generate from matchday activities last season, the club’s account statement confirmed that the club recorded a reduced profit on the sales of players last summer.
Despite the loss, Chelsea’s turnover at the end of the season increased from £387.8 million to £416.8 million. The Premier League club generated extra revenue due to the increase in broadcasting revenue.
Aside from the increase in broadcasting revenue, Chelsea won the 2020-2021 UEFA Champions League title which earned them additional revenue.
While giving the breakdown of the loss, the Premier League club’s account statement revealed that the club is owing £24.1 million due to ongoing legal matters which were not specified.
The club’s accounts projected a loss of £17.9 million which is tagged impairment loss. The loss emanates from the current value of the club’s squad.
A further breakdown of the club’s account for the 2020-2021 season, revealed that Chelsea spent £109.7 million to sign Romelu Lukaku, goalkeeper Marcus Bettinelli, and midfielder Saul Niguez, on loan from Atletico Madrid.
On the other hand, the Premier League club revealed that the club made £103.7 million on the sales of 13 players in the period under review. Chelsea could also make an extra £16.4 million from outstanding clauses in previous transfers.
The club is controlled by Chelsea FC PLC which is heavily funded by Russian billionaire Roman Abramovich through his company Fordstam Limited. He has been the owner of the club since 2003.
According to the accounts of the club, Chelsea currently owe £1 billion to companies related to Fordstam Limited.
Based on a statement from the club, Fordstam Limited might have to release more funds to support the club if the current coronavirus pandemic forces the club to play behind closed doors again.
Chelsea's last five home games in the Premier League:
— Squawka Football (@Squawka) December 29, 2021
◉ Chelsea 1-1 Burnely
◉ Chelsea 1-1 Manchester United
◉ Chelsea 3-2 Leeds
◉ Chelsea 1-1 Everton
◉ Chelsea 1-1 Brighton
Four 1-1 draws. Eight points dropped. 😤 pic.twitter.com/BdmaqupmDT
