Chelsea reported losses of 121 million kilos ($148 million) in 2021-22, with the membership on Monday citing sanctions imposed on former proprietor Roman Abramovich as a significant factor.
Abramovich was sanctioned by the British authorities final March after he sought to freeze the property of people with ties to Vladimir Putin following Russia’s invasion of Ukraine.
Chelsea have been positioned beneath an unique license which restricted the membership’s skill to promote tickets, settle for occasion bookings and even signal contracts with gamers. The restrictions remained in place till May, when the membership was purchased by a consortium led by American businessman Todd Bohli.
In an announcement, Chelsea stated the restrictions had resulted in “extraordinary expenditure and loss of revenue.”
“Furthermore, some of these limits are also expected to have an impact on the financials in the coming years due to long-term effects from restrictions on entering into new contractual arrangements,” Chelsey stated.
Chelsea stated turnover was set to develop by 47.6 million kilos ($58.4 million) to 481.3 million kilos ($590 million) within the final monetary yr ending June 2022.
The monetary outcomes don’t embrace the membership’s spree of spending round $630 million on new gamers within the final two switch home windows.
With inputs from TheIndianEXPRESS
