By PA Sport Staff
Chelsea say UK government sanctions imposed on former owner Roman Abramovich were a factor in the club posting losses of £121 million (€137 million) in 2021-22.
Russian billionaire Abramovich was sanctioned by the UK government in March last year as it sought to freeze the assets of individuals it believed had connections to the country’s president, Vladimir Putin, following the invasion of Ukraine.
Chelsea were placed under a special licence which restricted their ability to sell tickets, accept event bookings and even sign contracts with players.
The restrictions remained in place until May 30th last year when a new consortium led by American businessman Todd Boehly completed its takeover of the club.
A Blues statement issued on Monday said the impact of the sanctions on Chelsea’s financial results would also be felt “in the following years”.
Chelsea said turnover had increased to £481.3m from £434.9m the previous year despite the sanctions. Commercial revenue increased to £177.1m.
The losses were attributed to increased operating expenses including matchday and non-matchday costs.
The financial results do not capture Chelsea’s summer 2022 or January 2023 acquisitions, when they are reported to have spent around £600m on new players.
The 2021-22 results show £118m was invested in the playing squad but a profit of £123m was made on player sales including Tammy Abraham, Marc Guehi, Fikayo Tomori and Kurt Zouma.
The club said they continued to comply with Uefa and Premier League financial regulations despite the losses and the impact of the government sanctions.