Chelsea FC has announced losses for last season of £67.7m compared with £70.9m the previous year despite a record turnover of £222.3m bosted by the increase in Champions League and broadcasting revenue.
They are still some way short of complying with Uefa’s financial fair play regulations. By now the club was supposed to be breaking even. However, chairman Bruce Buck claimed that the club’s free spending days were over, noting ‘We would expect this to be reflected in our results for the current financial year.’
Chelsea FC has announced losses for last season of £67.7m compared with £70.9m the previous year despite a record turnover of £222.3m bosted by the increase in Champions League and broadcasting revenue.
They are still some way short of complying with Uefa’s financial fair play regulations. By now the club was supposed to be breaking even. However, chairman Bruce Buck claimed that the club’s free spending days were over, noting ‘We would expect this to be reflected in our results for the current financial year.’
Admittedly, almost £30m of the loss is accounted for by so-called exceptional payments to managers: compensations paid to Carlo Ancelotti and his staff and the £13m required to bring André Villas-Boas from Porto.
Chelsea have also been able to make savings in their wage bill by offloading high earning players. That process will continue if Didier Drogba follows Anelka by leaving the club this summer. Villas-Boas has been told to look for value in the transfer market and the majority of his targets next summer will be younger players.