Chelsea reveals loss of $148M in financial results

Chelsea reveals loss of $148M in financial results

Premier League club says sanctions placed on previous owner Abramovich seriously impacted their finances

By Emre Asikci

ISTANBUL (AA) - Chelsea had an overall net loss of £121 million ($148 million) last season due to extraordinary expenses and loss of revenue.

"The results for the year have been impacted by the sanctions placed on the Club’s previous owner on 10 March 2022. As a result of the sanctions, the Club was required to operate within the limitations of a special licence issued by the UK government. These restrictions were in place until the completion of the Club’s sale on 30 May 2022," Chelsea said in a statement.

"During 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," it added.

Roman Abramovich was disqualified as club director by the Premier League amid a slew of sanctions against Russia because of Moscow's war on Ukraine.

He had purchased Chelsea for a reported £140 million ($187 million) in 2003 and signed many star players to build a powerful team.

A consortium led by US businessman Todd Boehly completed its Chelsea takeover in May 2022.

Boehly is the partial owner of the Los Angeles Dodgers baseball team, the NBA franchise Los Angeles Lakers, and the Women's NBA franchise Los Angeles Sparks.

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