\n
\u00a0<\/p>\n
Chelsea has recorded an overall net loss of \u00a3121.3 million ($148.65m) for 2021-22 due to \u201cextraordinary expenses and loss of revenue,\u201d with the club blaming sanctions were imposed on previous owner Roman Abramovich, the Premier League club said yesterday.<\/p>\n
Russian owner Abramovich put the club up for sale in early March last year following Russia\u2019s invasion of Ukraine, which spurred the UK government to introduce sanctions on Abramovich.<\/p>\n
Chelsea were not allowed to sell tickets during that period, 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
\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 in a statement.<\/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 \u00a3481.3m from \u00a3434.9m the previous year, primarily due to increased matchday and commercial revenue as fans returned to stadiums after the COVID-19 pandemic.<\/p>\n
Todd Boehly and Clearlake Capital bought Chelsea in May 2022.<\/p>\n
The club\u2019s commercial revenue also increased to \u00a3177.1m 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 \u00a326.6m for the year ended 30 June 2022, and an overall net loss of \u00a3121.3m.<\/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
\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
\u00a0 Chelsea has recorded an overall net loss of \u00a3121.3 million ($148.65m) for 2021-22 due to \u201cextraordinary expenses and loss of revenue,\u201d with the club blaming sanctions were imposed on previous owner Roman Abramovich, the Premier League club said yesterday. Russian owner Abramovich put the club up for sale in early March last year following […]<\/p>\n","protected":false},"author":1,"featured_media":50581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-50580","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"yoast_head":"\n
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