{"id":49996,"date":"2023-03-27T14:12:52","date_gmt":"2023-03-27T14:12:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/03\/27\/chelsea-post-121-million-loss-blame-sanctions-on-abramovich\/"},"modified":"2023-03-27T14:12:52","modified_gmt":"2023-03-27T14:12:52","slug":"chelsea-post-121-million-loss-blame-sanctions-on-abramovich","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/03\/27\/chelsea-post-121-million-loss-blame-sanctions-on-abramovich\/","title":{"rendered":"Chelsea post \u00a3121 million loss, blame sanctions on Abramovich"},"content":{"rendered":"

<\/p>\n

\n
\n
\"Roman
Roman Abramovich<\/figcaption><\/figure>\n<\/div>\n

Chelsea had an overall net loss of \u00a3121.3 million for 2021-22 due to \u201cextraordinary expenses and loss of revenue\u201d after sanctions were imposed on previous owner Roman Abramovich, the Premier League club said on Monday.<\/p>\n

Russian owner Abramovich put the club up for sale in early March last year following Russia\u2019s invasion of Ukraine, which Moscow calls a \u201cspecial military operation\u201d. UK government sanctions on Abramovich had also complicated the sale process.<\/p>\n

Chelsea were not allowed to sell tickets, resulting in a loss of revenue, while their operational spend was also curtailed due to government restrictions until the sale was completed at the end of May.<\/p>\n

<\/p>\n

\u201cDuring this period, the club was restricted in a number of areas including, but not limited to, its ability to sell matchday and season tickets, sell merchandise, accept event bookings, as well as sign contracts with players and commercial sponsorship partners, which collectively resulted in extraordinary expenses and loss of revenue,\u201d Chelsea said.<\/p>\n

\u201cFurthermore, some of these limitations are also expected to have an impact on the financials in the following years due to the long-term impact from restrictions on entering into new contractual arrangements.\u201d<\/p>\n

Chelsea said their turnover figure increased to 481.3 million pounds from 434.9 million pounds the previous year mainly due to increased matchday and commercial revenue as fans returned to stadiums after the Covid-19 pandemic.<\/p>\n

READ ALSO<\/strong><\/p>\n

The club\u2019s commercial revenue also increased to 177.1 million pounds thanks to a net increase in sponsorship revenue from new contracts and existing partner renewals.<\/p>\n

\u201cThe higher revenue was offset by increased operating expenses, including matchday and non-matchday costs that resulted from resumed operations and increased staff costs,\u201d the club added.<\/p>\n

\u201cThe above contributed to the group recording a loss before player impairments and one-off expenses of 26.6 million pounds for the year ended 30 June 2022, and an overall net loss of 121.3 million pounds.<\/p>\n

\u201cDespite the loss in the year and the operating challenges due to the sanctions, the club continues to comply with Uefa and Premier League financial regulations.\u201d<\/p>\n

Chelsea were bought by an investment group led by American businessman Todd Boehly and Clearlake Capital, who have invested more than 600 million euros ($645.78 million) in player transfers across two windows.<\/p>\n

The club are 10th in the Premier League but also through to the Champions League quarterfinals where they face reigning champions Real Madrid next month.<\/p>\n

<\/p>\n