Chelsea suffer UK£96.6m loss for 2018/19 despite revenue increase

Chelsea suffer UK£96.6m loss for 2018/19 despite revenue increase
English soccer giants Chelsea have revealed a loss of UK£96.6 million (US$127.6 million) for the year ended 30th June 2019, despite posting an increase in revenue for a fourth consecutive year.

The Premier League club attributed the loss to their failure to qualify for the UEFA Champions League, European club soccer’s premier competition, as well as costs associated with player acquisitions and the change of first team management following the departure of former manager Antonio Conte.

It marks the first time in three years that Chelsea have suffered a loss, after making profits in both the 2016/17 and 2017/18 financial years.

Despite recording a loss of nearly UK£100 million, Chelsea insisted that they continue to comply with European soccer governing body UEFA’s Financial Fair Play (FFP) regulations.

“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,” said Club Chairman Bruce Buck. “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.”

All told, Chelsea saw their revenue climb from UK£443.4 million (US$585.6 million) to UK£446.7 million (US$589.9 million). The London-based club’s coffers were boosted by a UK£14.5 million increase in revenue from commercial activities, owing largely to new partnerships with Hyundai, Vitality Health, MSC Cruises, Unilever, Beats by Dre and Millennium & Copthorne Hotels, as well as a surge in online merchandise sales.

However, the Blues saw their income from broadcasting and matchday revenues decrease by UK£3.9 million (US$5.1 million) and UK£7.3 million (US$9.6 million) respectively, which the club said was largely due to their participation in the second-tier UEFA Europa League, as opposed to the Champions League the previous season.

Chelsea have been serving a transfer ban since the summer after FIFA, soccer’s global governing body, deemed that the club had breached regulations relating to the signing of players under the age of 18. However, the club has since seen that two-window suspension halved in time for the January transfer window, which could impact their financial results for 2019/20.

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