Chelsea financial losses reach $115 million to flirt with FFP

Chelsea has become the latest Premier League side to report heavy losses for the most recent financial year. Everton has already been charged twice for breaching the league’s profit and sustainability rules. The Toffees were docked six points and may soon face another penalty. Nottingham Forest was previously charged with similar violations as well. Aston Villa also reported over $150 million in losses earlier in the week.

The Blues have now publicly reported that they have endured a pre-tax loss of nearly $115 million for the 2022/23 financial year. This particular timeframe ended on June 30th, 2023. The massive hit comes after the west London club declared a loss of $154 million the previous season.

The figures put fresh doubt on Chelsea’s ability to remain within the Premier League spending laws. UEFA also has Financial Fair Play rules in place as well. Rules currently state that English top-flight teams cannot record losses exceeding $133 million for three years.

Nevertheless, Chelsea claims to be currently safe from breaching these financial issues. “Despite the loss in the year and the continued fallout from the sanctions placed on the club in the prior year, the club continues to comply with UEFA and Premier League financial regulations,” the Blues said in an official statement.

American investors in team have spent $1 billion on new players since 2022

Chelsea has been the target of scrutiny from fans and pundits for decades now. The club regularly spent freely during the previous ownership of Russian oligarch Roman Abramovich. However, American investor Todd Boehly and his group have continued splashing the cash since taking over in 2022.

Boehly and company have recorded a net spend of over $800 million in transfer fees since purchasing the team. These moves were highlighted by massive deals to sign Enzo Fernandez, Moises Caicedo, Wesley Fofana and Mykhaylo Mudryk. All four of these players cost the club over $85 million…


Source link : https://worldsoccertalk.com/news/chelsea-financial-losses-reach-115-million-to-flirt-with-ffp

Author : Chris Moore

Publish date : 2024-03-07 17:09:51

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