Dec 31, 2013, 5:59 PM EDT
Despite record turnover of near $425 million, Chelsea have reported a loss of $81.6 million for the year ending in June 2013, a number sure to raise eyebrows of those conscious of UEFA’s Financial Fair Play guidelines. Club officials, however, pointed out the profit the club made in 2012 helps the team stay within the European governing body’s financial guidelines, steering the Blues clear of possible long-term repercussions on their Champions League eligibility.
According to a statement from Chelsea, the team’s inability to advance past the group stage of the 2012-13 UEFA Champions League played a major part in the club’s financial downturn despite an increase in income.
“[A] 19 percent rise in commercial income from 67 million to 79.6 million pounds is a clear indication Chelsea is moving in the right direction in terms of business growth,” the club said in its Tuesday statement, “as is a turnover figure that increased for a fourth consecutive year despite diminished European competition revenue.”
Financial Fair Play regulations say teams can lose no more than €45 million ($61.9 million) each year, but as club communications head Steve Adkins told Reuters, “complicated accounting rules” mean Chelsea’s “actual loss” was $56.2 million, keeping them within UEFA’s guidelines.
“The latest financial result combined with the previous year’s profit of 1.4 million pounds means for the first monitoring period for FFP regulations – which spans the 2011/12 and 2012/13 seasons – we will fall comfortably within the break-even criteria set by UEFA,” Chelsea affirmed on their web site.
That Chelsea have been one of the world’s most aggressive spenders highlights how lenient Financial Fair Play’s restrictions are, the Blues able to comply with the guidelines despite missing out on significant Champions League revenues. Few teams, however, are experiencing the same commercial growth as Roman Abramovich’s club, with figures published by Deloitte showing Chelsea have the fifth highest annual revenues in world soccer.
Apr 24, 2014, 12:40 PM EDT
Now with Moyes out and Ryan Giggs in as interim manager, the banner has been removed from Old Trafford.
Manchester United have two transfer deals provisionally in place – Cavani, Shaw, Fabregas all on radar
Apr 24, 2014, 11:58 AM EDT
This is all the calm before the storm that will be Manchester United’s summer of 2014.
Apr 24, 2014, 10:52 AM EDT
If van Gaal is appointed United boss, Jose Mourinho will have some competition for best post-match sound in the 2014/15 Premier League.
Apr 24, 2014, 9:59 AM EDT
For Chelsea, the Liverpool match represents, well, a headache, apparently.
Apr 24, 2014, 9:17 AM EDT
So bad you have to see it. That’s the only was to describe Spain’s official World Cup anthem.
Apr 24, 2014, 8:08 AM EDT
Where, exactly, Moyes’ future lies next is a topic of some debate.
Apr 24, 2014, 12:36 AM EDT
Mariano Pavone’s first half goal in Toluca delivered La Maquina a record-breaking title.
Apr 23, 2014, 11:56 PM EDT
The Red Bulls’ slow start is quickly becoming a distant memory as New York posted a 4-0 win over visiting Houston.
Apr 23, 2014, 8:26 PM EDT
A future star makes a quick impact as Washington puts week one behind them.
Apr 23, 2014, 5:55 PM EDT
Ronaldo pronounced fit; Benzema breaks through, and Casillas stones Götze.
Apr 23, 2014, 5:30 PM EDT
Incredible plans to expand Anfield revealed, as public will now have their say:
Apr 23, 2014, 4:51 PM EDT
Tedious Tiki-Taka, counter-attacking clinic and gilt-edge chances:
Apr 23, 2014, 4:45 PM EDT
Striker’s 19th minute score gives the nine-time champions a 1-0 lead ahead of next week’s second leg.
Apr 23, 2014, 4:19 PM EDT
Find out who won the PL Player of the Week award, right here:
Apr 23, 2014, 3:36 PM EDT
Which players made the PL team of the week? Find out, right here:
Apr 23, 2014, 2:54 PM EDT
The top two remain unchanged, but there’s a major shakeup in elsewhere near the top of our weekly rankings.
Apr 23, 2014, 2:25 PM EDT
Andrew Dykstra wants to brew you a beer, and several teams have specific offerings in mind.
Apr 23, 2014, 1:42 PM EDT
The big guns will be firing for Bayern Munich and Real Madrid at the Bernabéu, and there’s plenty of ammunition on both benches if needed.
Apr 23, 2014, 1:28 PM EDT
Reports say David Moyes was “seething” at what he perceived to be an unprofessional dismissal from Manchester United.
Apr 23, 2014, 12:52 PM EDT
Bad news for England, as Januzaj is headed for a brand new Belgium kit.
- Manchester United have two transfer deals provisionally in place – Cavani, Shaw, Fabregas all on radar 0
- Chelsea approves Jose Mourinho’s desire to play ‘B Squad’ against Liverpool 1
- David Moyes tipped by Roberto Martinez to make swift return to management 1
- Three things we learned from Real Madrid’s win vs. Bayern Munich 3
- Benzema goal holds up as Real Madrid claim 1-0 lead over Bayern Munich 0
- Major League Soccer Power Rankings – Week 7 3