A tumultuous 2021/22 campaign saw Chelsea report a net financial loss of almost $150 million. The biggest factor for this loss comes from the UK government’s freeze on former Chelsea owner Roman Abramovich’s assets following Russia’s war with Ukraine.
According to Sky Sports, the UK froze any assets that had connections to Russia President Vladimir Putin. Abramovich, a Russian oligarch, has a close relationship with Putin. Therefore, Chelsea could not sell tickets, accept event bookings or even sign contracts with players. That special license ended in May when Todd Boehly’s consortium completed its takeover of the Stamford Bridge side.
In its statement reporting the financial loss, Chelsea stated the freezing of Abramovich’s assets would likely “impact on the financials in the following years,” based on how severe the punishment was.
It was not all a downer for Chelsea, though. Despite the net loss, Chelsea did report revenue increased around $57 million more than the previous year. Moreover, commercial revenue increased to $218 million in 2021/22. Finally, the club made a net profit in player sales. The club spent $145 million in the 2021/22 campaign on signings and contracts. During the same span, it sold four players to earn $151 million.
Chelsea record spending not factored into financial loss
Note that this financial year closes at the end of June in 2022. It was not until after then that Chelsea began spending. In the two transfer windows under Todd Boehly, Chelsea spent record fees to acquire effectively a whole new team. Estimates place Todd Boehly’s spending over the two transfer windows at $668 million. In that time, Chelsea welcomed 17 new signings to Stamford Bridge.
Based on Chelsea’s guess that the financial impact of Roman Abramovich’s freeze can have lasting impacts, there is a chance Chelsea reports financial losses in 2022/23, too, simply due to how much the club spent.
In its reveal, Chelsea was adamant that it adhered to the financial regulations of both UEFA and the Premier League.
PHOTO: IMAGO / Action Plus
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