Chelsea records $128 million loss, turnover up
ABS-CBN Sports on Jan 01, 2020 06:53 AM
Chelsea's Jorginho, left, celebrates with his teammate Cesar Azpilicueta after scoring his side's first goal during the English Premier League soccer match between Arsenal and Chelsea, at the Emirates Stadium in London, Sunday, Dec. 29, 2019. (AP Photo/Ian Walton)
LONDON (AP) — Chelsea has recorded a loss of 96.6 million pounds (around $128 million) for the year ending June 30.
The loss was revealed Tuesday in the Premier League club's latest financial results.
After two profitable years, Chelsea insisted it's still compliant with UEFA's Financial Fair Play regulations.
The club cited a lack of Champions League football, costs associated with changing manager and a record outlay on players Kepa Arrizabalaga, Christian Pulisic, Mateo Kovacic and Jorginho for the loss.
Turnover grew slightly to 446.7 million pounds.
“Consistent revenue growth and careful financial management over recent seasons has allowed the club to make significant levels of investment in the playing staff whilst maintaining compliance with UEFA Financial Fair Play regulations,” Chelsea chairman Bruce Buck said on chelseafc.com.
"This has contributed to another Europa League victory at the end of the 2018-19 season and a return to the highest level of European competition.
“This solid commercial foundation, allied to a young and exciting team now led by Frank Lampard, means that the club is well placed to sustain its pursuit of success both on and off the pitch as well as maintain its financial stability over the coming years.”
Chelsea made a 62 million pound profit in the previous year.
The London club is fourth in the Premier League, 20 points behind leader Liverpool, and plays at Brighton on Tuesday.