Chelsea’s latest financial results have been revealed, and it will not make for fond reading for the fans.
2016 was a year of mixed emotions for the Blues. They began it as relegation battlers, with Guus Hiddink eventually steadying the ship and steering them to a tenth place finish. They ended it as league leaders and overwhelming favourites for the Premier League title.
It was also a year of plenty of expense, as Rob Harris from the Associated Press reports.
AP report that Chelsea made a £70.6 million loss over the financial year. That is mostly down to their £75.3 million’s worth of ‘exceptional costs’ – which can be accounted for by two expenses.
Firstly, ending their sponsorship deal with Adidas early and agreeing a new, more lucrative, deal with Nike. As per AP, that cost Chelsea a whopping £67 million; money that will be eventually made up by the increase of revenue from their new kit deal.
Also, sacking Jose Mourinho. AP claim that it cost Roman Abramovich £8 million to part with the Special One, though with his side currently sat five points clear at the summit of English football – he may well see it as money well spent.
There is some good news, however, as Chelsea recorded a £329.1 million turnover. That’s a 5% rise on the previous financial year and the highest in the club’s history.
Perhaps the Blues will look to reinvest some of that into the squad in this transfer window.