Chelsea FC recorded a financial loss over the last reporting year.
The Blues have racked up a £23.1 million loss over the last year, despite matters on the field bringing both the Premier League crown and the Capital One Cup.
However, the club claims that it is firmly within the boundaries dictated by Financial Fair Play (FFP) despite an approximate £40 million swing from the previous year’s results.
Revenue fell to £314.3 million, from £319.8 million in the year ending June 2014. The club cites the difference in the Champions League performances of the two seasons as reason for this drop. Chairman Bruce Buck was bullish despite the somewhat surprising news.
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"To record the second highest turnover figure in the club’s history despite the Champions League campaign ending at the earliest knockout round demonstrates our business is robust, and is testament to good work regarding our commercial activities, our growing fanbase around the world and the tremendous support the team received at home and away matches in 2014/15."
The revenue figure is still remarkably high but it is hard to see where the club’s excessive losses may have stemmed from.
The Premier League and League Cup triumphs would have generated significant extra income compared with the previous year which would have more than offset the loss from an early Champions League exit.
Having said that, with exceptional events such as a new sponsorship deal with Japanese firm Yokohama set to be recorded in this season, the Blues brass are adamant that a record revenue figure will be hit in this period.
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"We expect the current year to produce record revenues once again. These will be powered by new commercial deals, including our record-breaking partnership with Yokohama, and revenues related to this season’s Champions League."
For the typical football fan, this is not really news and fair enough. A £23.1 million loss is relatively small given the size of the business and it will have a negligible effect on footballing matters.
However, it may go some way to explain the lack of cash-splashing over the summer. For all those who believe that Chelsea are literally sitting on piles of cash, these financial reports prove otherwise. They may be bankrolled by a Russian billionaire, but the Blues are still run like an ethical and (reasonably) transparent business.
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But here’s a thought though, with Chelsea currently struggling to progress past the Champions League group stages, will this news put extra pressure on the squad to get the required results?