Tuesday, April 23, 2024

Chelsea FC and parent company BlueCo announce financial losses of $114.8 million

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Chelsea have announced $114.8 million in losses for the Premier League club’s first year under Todd Boehly and Clearlake Capital’s ownership. The Blues’ first set of financial results under U.S. ownership was published on Thursday for the financial year ending June 30, 2023.

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Chelsea’s losses the previous year had been just over $155 million so this was a reduction on that figure and the club has clarified that UEFA and EPL financial regulations are still being complied with.

“Despite the loss in the year and the continued fallout from the sanctions placed on the club in the prior year, the club continues to comply with UEFA and Premier League financial regulations,” read Chelsea’s statement. “The rise in turnover was driven by increased matchday and commercial revenue, due in part to the club being able to operate without the government restrictions under which it was operating in the previous year.

“The growth in turnover was also driven by the women’s team winning the Women’s Super League and the Women’s FA Cup and reaching the final of the Women’s League Cup. These increases were offset by decreased broadcasting revenue, a consequence of the men’s team finishing 12th place in the Premier League and exiting both the FA and League Cups at the 3rd round.”

Profit and sustainability rules have been of major interest in recent months with around $134 million of losses permitted over a three-year period. These rules also saw Everton hit with a 10-point deduction earlier this season for breaches of those regulations which was later reduced to six points.

However, the Toffees could be punished further for other breaches while the Premier League has also confirmed that Nottingham Forest have losses “above the permitted thresholds.”

BlueCo 22 Ltd, which is Chelsea’s parent company and also owns Ligue 1 club RC Strasbourg Alsace in France, has announced a net loss of $833 million for the year of which $83.4 million was spent on the 99.97% acquisition of the French outfit now coached by Patrick Vieira.

Boehly and Clearlake’s consortium acquired the London club after former owner Roman Abramovich was sanctioned by the UK government over Russia’s invasion of Ukraine and subsequent war.

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