Chelsea say government sanctions imposed on former owner Roman Abramovich contributed to the club's £121.3 million ($148.8 million) loss for the 2021/22 season
Russian billionaire Abramovich was sanctioned by the British government in March last year following Russia's invasion of Ukraine
He was mentioned as part of the close people of Russian President Vladimir Putin
Chelsea were placed under a special license which restricted their ability to sell tickets, accept event bookings and even sign contracts with players
Those restrictions remained until May 30 last year when a new consortium led by American businessman Todd Boehly completed the purchase of the club
Chelsea said in a statement on Monday that sales had increased to £481.3m from £434.9m the previous year despite the restrictions
Commercial income increased to £177.1 million. The financial results do not cover Chelsea's purchases in the past two transfer windows, when it is reported to have spent around £600 million on new players.
The 2021/22 results show £118m was invested in the squad, including current player contract negotiations, but a £123m profit was made from the sale of players including Tammy Abraham, Marc Guehi, Fikayo Tomori and Kurt Zouma.
Chelsea said they continued to comply with UEFA and Premier League financial regulations despite the losses and the impact of the sanctions.
The club said the impact of sanctions on financial results will also be felt in the following years. Chelsea are currently 10th in the Premier League table having improved recently under manager Graham Potter
AFP
