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Chelsea announce unexpected profit despite coronavirus impacting revenue

As the saying goes, ‘if you’re going to spend £222m in the summer then it’s probably best to calculate your football club’s yearly financial figures just before you open your wallet’.

That’s not a saying. It never will be. But it’s pretty savvy business work – until you get to next year and realise Roman Abramovich has got to sell one of his 30 houses to comply with Financial Fair Play.

Frank Lampard
Frank Lampard’s summer splurge hasn’t been taken into account with the figures | Richard Heathcote/Getty Images

Chelsea have announced profits of £32.5m for the year ending June 2020 – but of course that’s only such a small sum because coronavirus impacted their revenue, with turnover dropping from £446.7m to £407.4m.

The club went onto add that their loss of matchday and broadcasting revenue had impacted the figures, dropping from £16.6m to £12.2m.

In a statement released on the club’s official website, chairman Bruce Buck stated that the pandemic has impacted Chelsea’s financial figures, though he insisted they are in a good position going forward.

Bruce Buck
Bruce Buck was keen to stress Chelsea are in a good position going forward | Masashi Hara/Getty Images

“In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea’s income but it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year,” the statement read.

“This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved. That would have represented an increase in revenue for a fifth year in succession.

“Despite the impact of COVID, the revenue streams remained strong, our team is developing on the pitch and the Club is in a good position to continue to grow when football is able to operate as it did previously, a time we are all looking forward to.”

Looking forward to next year’s figures.

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