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Chelsea Football Club has officially announced a £128.4 million profit before tax for the year ending June 30, 2024 a stark contrast to the £90.1 million loss recorded in the previous year.
In a statement released by the club, Chelsea’s financial turnaround was driven by several key factors, including increased profits from player sales and the strategic repositioning of the women’s team.
According to the statement, Chelsea FC profit surge was significantly boosted by a £152.5 million profit on player registrations and a £198.7 million profit on the disposal of subsidiaries. The club’s move to relocate Chelsea Women FC into the BlueCo holding company played a pivotal role in these gains.
This strategic move, according to the statement, mirrored the club’s earlier sale of two hotels, utilizing a loophole in the Premier League’s Profitability and Sustainability Rules (PSR) to stay compliant while maximizing financial returns.
The statement further revealed that, despite this strong performance, the London-based club’s overall revenue for the year fell to £468.5 million, largely due to the men’s team not qualifying for the UEFA Champions League. However, the club still saw an uptick in broadcasting revenue, primarily due to a sixth-place finish in the Premier League and deep runs in both the FA Cup and Carabao Cup, where Chelsea reached the semi-finals and finals, respectively.
The blues recorded an impressive £129.6 million net profit after tax, signaling a strong financial position as the club looks ahead. This successful year marks a critical phase in Chelsea’s broader financial strategy, balancing the books through strategic player sales and efficient cost management.
With a firmer financial footing, attention now shifts to future investments, particularly as Chelsea looks to regain its place among Europe’s elite in the coming seasons.
Below is the full statement
Chelsea FC Holdings Limited has now filed its consolidated accounts for the year ended 30 June 2024 at Companies House.
The profit for the year before taxation was £128.4m compared with a loss of £90. 1m for the prior year as the club benefitted from increased profit on disposal of player registrations and repositioning of Chelsea Football Club Women Ltd.
Overall revenue in the year fell to £468.5m due to the men’s team not competing in the Champions League. However, the club’s broadcasting receipts benefitted from an improved sixth-place finish in the Premier League and semi-final and final appearances in the FA Cup and League Cup respectively. There was a decrease in operational costs in the year, to offset the fall in revenue resulting in a stable operating loss in comparison to the previous year
Source: Elvisanokyenews.net
