Chelsea Announces £ 32.5 Million Profit Despite Coronavirus

This post contains affiliate links. “As an Amazon Associate I earn from qualifying purchases.”

Chelsea announced a £ 32.5 million gain on its latest financial results despite a drop in revenue due to the coronavirus pandemic.

The London club released their latest figures for the year ending June 30, 2020 on January 31, and revealed a profit despite billing being affected by COVID-19.

Revenue had fallen from £ 446.7 million to £ 407.4 million due to the virus, as broadcast, match day and commercial revenue decreased in light of the virus.

Chelsea had posted a loss of £ 96.6 million in the previous 12 months, but Champions League qualification and a string of player sales were pointed out as the main factors behind the results.

Eden Hazard was Stamford Bridge’s main outing during that period, joining Real Madrid in a deal that could eventually be worth around £ 150 million.

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

Chelsea president Bruce Buck told the club’s website: “Like many, many companies around the world, the pandemic has had a significant impact on Chelsea’s revenue.

“But it is a sign of the strength and stability of our financial operation that the company could still post earnings in the last financial year.

“This was done while we continued to invest in our gaming staff and indeed if normal football had not stopped in March, the projections show a record profit and record turnover would have been achieved.

“That would have represented an increase in revenue for the fifth year in a row.

“Despite the impact of COVID-19, revenue streams remained strong, our team is developing on the field and the club is in a good position to continue growing when football can function as it did before.”

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

Source link

Similar Posts