Chelsea announce £32.5m profit despite coronavirus

By Timothy Abraham 1 January 2021 126
Chelsea announce £32.5m profit despite coronavirus

Chelsea announced a profit of £32.5million in their latest financial results despite a fall in revenue because of the coronavirus pandemic.

The London club released their latest figures for the year ending June 30, 2020 on January 31 and revealed a profit even though turnover was hit because of COVID-19.

Turnover had fallen from the £446.7m to £407.4m because of the virus as broadcasting, matchday and commercial revenues all declined in light of the virus.

Chelsea had posted a loss of £96.6m in the previous 12 months but qualification for the Champions League and a number of player sales were noted as the main factors behind the results.

Eden Hazard was the main departure from Stamford Bridge during that period as he joined Real Madrid in a deal that could eventually be worth around £150m.

Blues boss Frank Lampard's spending in the last transfer window – including sizable fees for Timo Werner, Kai Havertz, Ben Chilwell, Hakim Ziyech and Edouard Mendy – were not included in the figures.

Chelsea chairman Bruce Buck told the club's website: "In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea’s income.

"But it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year.

"This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved.

"That would have represented an increase in revenue for a fifth year in succession.

"Despite the impact of COVID-19, the revenue streams remained strong, our team is developing on the pitch and the club is in a good position to continue to grow when football is able to operate as it did previously."

Chelsea have been owned by Russian billionaire Roman Abramovich since 2003.

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