Premier League club side Chelsea on Thursday announced a pre-tax loss of £90.1 million ($114.8 million) for the 12-month period ending on June 30, 2023.
The financial results represent a reduction in the previous year’s losses of £121.4 million and Chelsea said despite the losses it was still complying with UEFA and Premier League financial regulations.
There has been increased attention on the league profit and sustainability rules, which permit losses of up to £105 million over three years.
Everton was handed a 10-point deduction this season for breaching those financial regulations. That was reduced to six points on appeal but Everton could face further punishment for more breaches.
The Premier League said Nottingham Forest also sustained losses “above the permitted thresholds.” Chelsea’s parent company, Blueco 22 Limited which also owns French team Racing Club Strasbourg, announced a net loss of £653 million for the year in review.
A consortium led by Boehly and Clearlake bought Chelsea after former owner Roman Abramovich was sanctioned by the U.K. government in the wake of Russia’s invasion of Ukraine.
Since then, Chelsea has embarked on a spectacular spending spree of more than $1 billion on player recruitment.
“The club continues to balance success on the field together with the financial imperatives of complying with UEFA and Premier League financial regulations,” Blueco said in its financial report.
“The club has complied with these financial regulations since their inception in 2012 and expects to do so for the foreseeable future,” it added.
Chelsea’s turnover rose from £481.3 million to £512.5 million.