Dec 31, 2013, 5:59 PM EST
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.
Jan 31, 2015, 8:15 AM EST
Socceroos do the business on home soil, beat South Korea in extra time in Sydney.
Jan 31, 2015, 7:38 AM EST
Watch Hull vs. Newcastle live online, right here.
Jan 31, 2015, 7:29 AM EST
Where and how to watch every PL game during Week 23 live online or via the app.
Jan 30, 2015, 11:57 PM EST
Transfer deals that have been confirmed over the past day or so.
Jan 30, 2015, 10:59 PM EST
Bayern Munich head man Pep Guardiola sees where his squad went wrong in its 4-1 defeat against Bundesliga opponent VfL Wolfsburg.
Jan 30, 2015, 9:48 PM EST
Roy Keane is at the forefront of trouble again.
Jan 30, 2015, 9:08 PM EST
Preview of a previously eye-catching match, Manchester City v. Leicester City, tomorrow morning on NBCSN.
Jan 30, 2015, 7:49 PM EST
The Men in Blazers are at it again.
Jan 30, 2015, 7:00 PM EST
Danny Ings looks poised to stay at Burnley due to a certain transfer rule that would block his departure to Liverpool.
Jan 30, 2015, 6:05 PM EST
United States and Borussia Dortmund II’s Joe Gyau underwent another surgery on his torn meniscus, and he could be done for the season.
Jan 30, 2015, 5:20 PM EST
Real Madrid midfielder Gareth Bale will replace Cristiano Ronaldo as the current world’s best player will serve a two-match ban coming from last week’s tilt vs. Cordoba.
Jan 30, 2015, 4:35 PM EST
Preview of Hull City vs. Newcastle on NBCSN this Saturday morning.
Jan 30, 2015, 3:45 PM EST
Juan Agudelo is back with Major League Soccer’s New England Revolution, and amidst a few possible issues, there is no reason his addition cannot help guide Jay Heaps’ side to victorious ways in the East.
Jan 30, 2015, 3:07 PM EST
Let’s take a gander at how things may’ve changed since JPW checked the needs earlier this month.
Jan 30, 2015, 2:00 PM EST
Where and how to watch every PL game during Week 23, here.
Jan 30, 2015, 1:48 PM EST
If my math’s right, and it probably isn’t, close to 10 percent of the world’s population will watch Manchester City visit Chelsea on Saturday.
Jan 30, 2015, 1:06 PM EST
The Socceroos have received a single goal from nine other players in a bid to become the first hosts to win the Asian Cup since Japan in 1992.
Jan 30, 2015, 12:52 PM EST
Cameron talks about his love for the Pats, growing up in Boston and more in his latest dispatch from England.
Jan 30, 2015, 12:22 PM EST
PST’s Joe Prince-Wright and Mike Prindiville sit down to talk Lampard vs. Chelsea in this week’s PST Extra, with a little Diego Costa suspension talk as well.
Jan 30, 2015, 12:02 PM EST
PST’s Lead Writer and Editor predicts the winners and losers in Week 23.
- Premier League transfer needs: What’s been done and what’s left to do by Monday? 1
- WATCH: Premier League TV schedule – Week 23 0
- Geoff Cameron predicts Super Bowl XLIX win for his New England Patriots 1
- Prince-Wright’s Premier League picks: Manchester City, Arsenal, Saints to win 0
- Premier League Preview: Chelsea vs. Manchester City 0
- Ban upheld: Diego Costa to miss Saturday’s visit from Manchester City, 2 more 3