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According to the Premier League club, Chelsea suffered a net loss of £121.3 million ($148.65m) in 2021-22 due to “extraordinary expenses and loss of revenue,” blaming sanctions imposed on the previous owner Roman Abramovich.
BREAKING: Chelsea say Government sanctions imposed on former owner Roman Abramovich were a factor in the club posting losses of £121m in 2021/22 💰 pic.twitter.com/JtjUb8UUNp
— Sky Sports News (@SkySportsNews) March 27, 2023
Following Russia’s invasion of Ukraine in early March last year, Abramovich put the club up for sale, prompting the British government to impose sanctions against him. During that period, Chelsea was prohibited from selling tickets, resulting in a loss of revenue. Due to government restrictions, operational expenditures were curtailed until May.
“During this period, the club was restricted in several areas including, but not limited to, its ability to sell matchday and season tickets, sell merchandise, accept event bookings, and sign contracts with players and commercial sponsorship partners, which resulted in extraordinary expenses and revenue losses. Additionally, some of these limitations are also expected to have a long-term impact on financial results due to restrictions on entering into new contractual arrangements,” Chelsea stated.
An investment group led by American businessman Todd Boehly and Clearlake Capital purchased Chelsea. The group invested over £600 million in player transfers in the last two transfer windows. Currently ranked 10th in the Premier League, the club is also through to the Champions League quarterfinals, where they will face reigning champions Real Madrid.