Chelsea announces big losses despite winning the "European Champions"
Chelsea Football Club today announced an annual loss of 145.6 million pounds (173.5 million euros) for the year ending June 30, 2021 despite winning the Champions League title.
The London club won the Champions League last May, by defeating fellow countryman Manchester City 1-0 in Porto.
But while its turnover rose from £387.8m to £416.8m thanks to an increase in TV revenue, Chelsea said it was still incurring losses due to playing matches behind closed doors due to Covid-19, in addition to the impact of its budget on lower profits on player sales.
Chelsea continues to receive financial support from Fordstam Limited, a company controlled by the club's billionaire owner Roman Abramovich, whose accounts say, "The company relies on Fordstam Limited for its continued financial support."
Chelsea announced on Thursday that it had signed three players for 109.7 million pounds, they are Belgian international striker Romelu Lukaku, goalkeeper Marcos Petinelli and Spanish midfielder Saul, on loan from Atletico Madrid since June 30.
Chelsea added that in the same period he sold 13 players for 103.7 million pounds, and that he could get an additional 16.4 million pounds if all the terms related to previous transfers are met.
Abramovich bought Chelsea in 2003 and oversaw the most successful era in the club's history, during which he won five English Premier League titles and two Champions League titles, as the Blues completed the League and FA Cup double in the 2009-2010 season.
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