Home News Chelsea announces 96.6 million pounds loss, turnover up

Chelsea announces 96.6 million pounds loss, turnover up

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NORWICH, ENGLAND - AUGUST 24: Frank Lampard, Manager of Chelsea celebrates following his sides victory in the Premier League match between Norwich City and Chelsea FC at Carrow Road on August 24, 2019 in Norwich, United Kingdom. (Photo by Catherine Ivill/Getty Images)

EPL club, Chelsea recorded a loss of 96.6 million pounds for the year ending June 30, it was revealed Tuesday in the Premier League club’s latest financial results.

Chelsea made a 62 million pound profit in the previous year.

After two profitable years, Chelsea insisted it’s still compliant with UEFA’s Financial Fair Play regulations.

The club cited a lack of Champions League football, costs associated with changing manager and a record outlay on players such as Kepa Arrizabalaga, Christian Pulisic, Mateo Kovacic and Jorginho for the loss.

Turnover grew slightly to 446.7 million pounds.

“Consistent revenue growth and careful financial management over recent seasons has allowed the club to make significant levels of investment in the playing staff whilst maintaining compliance with UEFA Financial Fair Play regulations,” Chelsea chairman Bruce Buck said on chelseafc.com.

“This has contributed to another Europa League victory at the end of the 2018-19 season and a return to the highest level of European competition.

“This solid commercial foundation, allied to a young and exciting team now led by Frank Lampard, means that the club is well placed to sustain its pursuit of success both on and off the pitch as well as maintain its financial stability over the coming years.”

The London club is fourth in the Premier League, 20 points behind leader Liverpool and plays Brighton on Tuesday.