Chelsea Point To Sanctions In Financial Accounts
Premier League football club Chelsea FC has claimed that government sanctions imposed on former owner Roman Abramovich were a factor in the club posting losses of £121m in 2021-22.
This follows the release of the Blues’ latest annual financial accounts.
Russian billionaire Abramovich was sanctioned by the UK Government in March last year as it sought to freeze the assets of individuals it believed had connections to the country’s president, Vladimir Putin, following the invasion of Ukraine.
The sanctions saw Chelsea placed under a special licence which restricted the club’s ability to sell tickets, accept event bookings and sign contracts with players.
The restrictions remained in place until May 30 last year when a new consortium led by American businessman Todd Boehly completed its takeover of the club.
Chelsea did see turnover increase from £481.3m from £434.9m the previous year despite the sanctions. Commercial revenue increased to £177.1m and losses were attributed to increased operating expenses including matchday and non-matchday costs.
The club claimed it made ‘a profit on player trading of £123.2 million in the year, including the sales of Tammy Abraham to AS Roma, Marc Guehi to Crystal Palace, Fikayo Tomori to AC Milan, and Kurt Zouma to West Ham.’
The financial results did not include Chelsea’s summer 2022 or January 2023 acquisitions, when they are reported to have spent around £600m on new players.
In a statement Chelsea FC said, ‘Despite 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.’
