Chelsea Football Club (CFC) continues to get better financially as the latest statement that covers finances until June 2020 confirmed a profit close to £32.5 million. Since the report covers only the initial part of the pandemic, CFC managed to show healthy financial numbers. The overall revenue of the club did shrink as it came down to £407.4 million from £446.7 million.
The London based club has been on an upward trajectory since it was bought by Russian Oligarch Roman Abramovich in 2004. They have enjoyed success on the pitch under the Russian owner in the last 16 years and also found financial stability.
Chelsea’s finances were also boosted during the last fiscal year since they were serving a transfer ban during the 2019 summer transfer window and 2020 winter window. The lack of investments in players helped them to keep the overall expenses to a much lower number. The former Premier League Champions did capitalize on a collapsed player market last summer by spending over £225 million on seven players.
Most clubs across Europe are facing losses due to the pandemic as matchday revenue is blocked due to games behind closed doors. The English clubs such as Everton and Manchester United have recorded losses during quarterly statements that covered the majority of months that were consumed by the pandemic. Chelsea is also likely to experience a similar problem when they announce financial figures for next year.
The immediate concern for the London based club is results on the pitch. After a promising start to the campaign, Chelsea endured a difficult December. They consistently dropped points and moved to eighth position in the table. Frank Lampard’s position as Chelsea manager is reportedly under threat. In case, he is sacked, the expenses in next year’s financial statement will be even bigger due to a severance package for Lampard.