Chelsea make a loss of almost £50m

Chelsea lost almost £50m during the last financial year but reported a record turnover of £255.8m.

Having made a small profit – the first since Roman Abramovich became the owner –  last year after winning the Champions League, their failure to qualify for the knockout stage of last season’s tournament contributed to a downturn this time around.

The latest figures, to the end of June 2013, show an annual loss of £49.4m, but Chelsea point out that their combined figures, which includes last year’s profit of £1.4m, means they comply with Financial Fair Play regulations set by Uefa.

Chelsea FC plc also reported significantly increased commercial income – a 19% rise from £67m to £79.6m.

“For Chelsea FC to achieve a record level of turnover despite our first group-stage elimination from the Champions League shows we have structured our business and are growing in the correct way for long-term stability,” said chief executive Ron Gourlay.

“Our philosophy is we build upon success on the pitch and although in these financial results we haven’t repeated the sizeable profits made the previous year from player transfers, we believe the age profile of the existing squad means we will benefit from that investment for many years to come.

“A successful team builds awareness around the world and our increased commercial revenues in 2012/13 and new or extended partnership deals demonstrate we are working hard to capitalise on that.”

Chairman Bruce Buck added: “From the very beginning of the current ownership of Chelsea Football Club, a long-term objective was financial sustainability, and the subsequent implementation of Financial Fair Play by Uefa and by the Premier League has brought that to the top of the agenda for football clubs.

“We are pleased therefore that we will meet the stipulations set down by Uefa in their first assessment period, and by our own analysis we are progressing from a commercial viewpoint as well as continuing to add trophies to our collection, which we never lose sight of as our most important goal.”

Follow West London Sport on Twitter
Find us on Facebook