Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Chelsea Post Loss of 67.7m

Wed 1st Feb 2012 | Money & Finance

Chelsea faces an uphill struggle to rein in its losses after posting a loss of £67.7m in its latest accounts.

The figures released yesterday showed Chelsea had reduced losses for the financial year ending 30 June 2011 to £67.7m from £70.9m the previous year (2010).

The reduction came in part, due to a record group turnover of £222.3m, an increase in revenues from the previous year's level (£205.8m). This was in the main due to higher receipts from the UEFA Champions League together with a rise in income from the central FAPL television contract relating to overseas broadcasting.

Chief executive Ron Gourlay said: 'Achieving a record level of turnover is satisfying given the economic background against which we are operating.'

Chelsea must now prove it can reduce its losses to fall in line with UEFA’s Financial Fair Play regulations. The accounting period will take into account the financial performance over a three year period beginning 2011/12  with clubs expected to reduce there debt levels to no more that £35m by 2013/14.

Chairman Bruce Buck added: 'The club is focused on complying with the requirements of UEFA's Financial Fair Play regulations while maintaining its ability to challenge for major trophies. We would expect this to be reflected in our results for the current financial year.'

Chelsea, who spent £50m on Fernando Torres in the 2011 January transfer window, expect to reduce their losses in time, stating: ‘We are well aware of our obligations under the UEFA Financial Fair Play rules and expect the current year's profit and loss account to show a significant improvement.’

The club noted that match day receipts and commercial revenues had held up well in the face of the continued economic turbulence faced by the wider economy.

Posted by: Aaron Gourley

http://www.buttonshut.com http://www.buttonshut.com http://www.buttonshut.com

---------------------------------------------------------------------------------------------------

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Watford FC: An Unlikely Financial Success Story?

Wed 26th Apr 2017 | Money & Finance

The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...

Newcastle United & West Ham Face Tax Investigation

Wed 26th Apr 2017 | Money & Finance

Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...

Premier League Revenues Grow But Losses Return

Thu 20th Apr 2017 | Money & Finance

Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...

7 Tips From The Best Online Football Merchandise Stores

Thu 13th Apr 2017 | Money & Finance

CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...