Football

Chelsea announce financial results after Covid pandemic and huge spending spree


Chelsea have an announced an overall profit of £32.5million in their latest financial results – despite the club’s revenue taking a big hit thanks to the coronavirus pandemic.

The Stamford Bridge side splashed out a staggering outlay of more than £200million in the summer transfer window, while other clubs struggled amid the financial impact of Covid-19.

Manager Frank Lampard signed the likes of Kai Havertz, Timo Werner, Ben Chilwell, Hakim Ziyech, Edouard Mendy and Thiago Silva in the hopes of fuelling a Premier League title challenge this term.

Much of that spending came after the cut-off point for the latest financial results, which quoted £93.7m spent on the playing squad in the year ending June 30.

But Chelsea’s figures are still impressive given that turnover was reduced from £446.7m to £407.4m as a result of the pandemic.



Kai Havertz has struggled since joining Chelsea from Bayer Leverkusen
Kai Havertz cost Chelsea £72m – but his transfer came after June 30

Chelsea finished fourth in the Premier League last term in Lampard’s first season as manager, and the club cited Champions League qualification as a major factor in the encouraging financial performance.

The west London club also made money from selling several players – including Eden Hazard, who joined Real Madrid in the summer of 2019 in a deal which could be worth up to £130m.

Chelsea have also offloaded Alvaro Morata, Mario Palasic, David Luiz, Ola Aina, Tomas Kalas, Michael Hector and Kenneth Omeruo on permanent transfers.

And the club – who did not use the Government’s furlough scheme – said profit and turnover would have hit record levels had it not been for the pandemic, which saw the Premier League suspended between March and June this year.

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Chelsea could complete four more deals in this summer transfer window as Marina Granovskaia leads a haul
Chelsea boss Frank Lampard and director Marina Granovskaia spent big in the summer

Chelsea chairman Bruce Buck said: “In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea’s income but it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year.

“This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved.

“That would have represented an increase in revenue for a fifth year in succession.

“Despite the impact of Covid, the revenue streams remained strong, our team is developing on the pitch and the Club is in a good position to continue to grow when football is able to operate as it did previously, a time we are all looking forward to.”

Chelsea had recorded a loss of £96.6m for the previous financial year, ending June 30, 2019.

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