Chelsea have an announced an overall profit of £32.5million in their latest financial results – despite the club’s revenue taking a big hit thanks to the coronavirus pandemic.
The Stamford Bridge side splashed out a staggering outlay of more than £200million in the summer transfer window, while other clubs struggled amid the financial impact of Covid-19.
Manager Frank Lampard signed the likes of Kai Havertz, Timo Werner, Ben Chilwell, Hakim Ziyech, Edouard Mendy and Thiago Silva in the hopes of fuelling a Premier League title challenge this term.
Much of that spending came after the cut-off point for the latest financial results, which quoted £93.7m spent on the playing squad in the year ending June 30.
But Chelsea’s figures are still impressive given that turnover was reduced from £446.7m to £407.4m as a result of the pandemic.
Chelsea finished fourth in the Premier League last term in Lampard’s first season as manager, and the club cited Champions League qualification as a major factor in the encouraging financial performance.
The west London club also made money from selling several players – including Eden Hazard, who joined Real Madrid in the summer of 2019 in a deal which could be worth up to £130m.
Chelsea have also offloaded Alvaro Morata, Mario Palasic, David Luiz, Ola Aina, Tomas Kalas, Michael Hector and Kenneth Omeruo on permanent transfers.
And the club – who did not use the Government’s furlough scheme – said profit and turnover would have hit record levels had it not been for the pandemic, which saw the Premier League suspended between March and June this year.
Chelsea chairman Bruce Buck said: “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, 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, a time we are all looking forward to.”
Chelsea had recorded a loss of £96.6m for the previous financial year, ending June 30, 2019.
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