LONDON (Reuters) – Chelsea’s parent company BlueCo 22 announced net losses of 653 million pounds ($832.71 million) after tax for the March 2022 to June 2023 period, while the Premier League club suffered 90.1 million pounds in losses before tax, company filings showed.
The consortium BlueCo, led by American Todd Boehly and Clearlake Capital, purchased west London outfit Chelsea in 2022 while in 2023 they also reached an agreement to become shareholders of French club Racing Strasbourg.
The loss for Chelsea in the 12-month period was lower than the 121.4 million pounds for the previous year.
The club also had increased matchday and commercial revenue after they operated without the government restrictions placed on them after Russia’s invasion of Ukraine, when former Chelsea owner and Russian billionaire Roman Abramovich was sanctioned.
“Chelsea grew overall revenue to 512.5 million pounds, made profits on disposal of player registrations and fixed assets of 142.2 million pounds and increases in other income,” the annual report said.
“This helped offset the increased operational costs seen in the year. This year saw an overall increase in turnover from 481.3 million pounds to 512.5 million pounds.
“Matchday revenue increased from 69.2 million pounds to 76.5 million pounds compared to the prior year,” it added, with the average attendance at Stamford Bridge increasing to 40,002.
However, the men’s team finished a disappointing 12th in the Premier League, resulting in a lower domestic broadcasting share. Broadcasting revenue fell 9.1 million pounds to 225.9 million pounds compared to the previous year.
Revenue also increased thanks to the women’s team which won the Women’s Super League and Women’s FA Cup while they also reached the final of the Women’s League Cup.
Commercial revenue rose 33 million pounds to 210.1 million pounds, with the club benefiting from a net increase in sponsorship income from new and existing partner renewals.
“Despite the loss in the year and the continued fallout from the sanctions placed on the club in the prior year, the club continues to comply with UEFA and Premier League financial regulations,” Chelsea added.
($1 = 0.7842 pounds)
(Reporting by Rohith Nair in Bengaluru; Editing by Ken Ferris)
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