Abramovich’s Chelsea suffers millions in losses during pandemic year
Premier League club Chelsea has claimed losses of £145.6 million ($196 million) for the year ending June 30, 2021.
Its losses have been blamed on having had to play behind closed doors due to Covid and a reduction in the profit on player sales.
According to the accounts published for the latest financial year, the club’s turnover rose from £387.8 million to £416.8 million, thanks largely to an increase in broadcasting revenue.
“The company is reliant on its ultimate parent undertaking, Fordstam Ltd, for its continued financial support,” the accounts said, adding that “Fordstam Ltd has indicated its continued support for the foreseeable future.” Fordstam Ltd is a company owned by Russian billionaire Roman Abramovich that provides financial support to Chelsea FC.
The club owes £24.1 million ($33 million) due to unspecified “ongoing legal matters,” the accounts also revealed.
Since June 30, Chelsea has signed three players for a total of £109.7 million ($148 million): Romelu Lukaku, Marcus Bettinelli, and Saul Niguez, on loan from Atletico Madrid. During the same period, the club sold 13 players for a combined £103.7 million ($140 million).
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