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 20, 2014, 1:51 AM EDT
Two huge saves in the final minutes from Nick Rimando keep RSL unbeaten.
Apr 20, 2014, 1:05 AM EDT
Goal difference has the defending champions on top of the Eastern Conference.
Apr 20, 2014, 12:35 AM EDT
Two more goals off set pieces gave FC Dallas its fifth win of the season.
Apr 19, 2014, 10:55 PM EDT
Juan Guzman gave Giancarlo Gonzalez a pass. Columbus came back to claim a draw.
Apr 19, 2014, 10:11 PM EDT
Two separate leads were pulled back as the Whitecaps fought back at BC Place.
Apr 19, 2014, 9:24 PM EDT
NBC’s team on the scene reacts to the day’s big result:
Apr 19, 2014, 8:49 PM EDT
San Jose remains without a win beside playing the second place Rapids to a standstill.
Apr 19, 2014, 7:43 PM EDT
Look back at a Saturday that helped bring clarity to the Premier League’s title race.
Apr 19, 2014, 7:07 PM EDT
Two weeks ago, it was Mike Magee. On Saturday, it was Juan Luis Anagonó who couldn’t covert late from the spot.
Apr 19, 2014, 6:29 PM EDT
Will Bruin and Andrew Wenger came close, but neither were able to keep his team from playing out a scoreless draw.
Apr 19, 2014, 4:15 PM EDT
A host of teams are battling it out to determine who will fill Germany’s European spots. Meanwhile, the rush to avoid the drop continues.
Apr 19, 2014, 3:38 PM EDT
Chicago goes for its first win while New England looks to make it two-in-a-row, and it all starts at 4:00 p.m. ET on NBC/NBC Sports Live Extra:
Apr 19, 2014, 3:20 PM EDT
All the recaps, analysis and video highlights from a sensational Saturday:
Apr 19, 2014, 2:56 PM EDT
Watch Chelsea’s manager implode in the post-match TV interview, as his unbeaten streak comes to an end:
Apr 19, 2014, 2:52 PM EDT
Lazio, Torino and Parma all dropped points, opening a path for AC Milan to push into Italy’s final Europa League spot.
Apr 19, 2014, 2:32 PM EDT
Chelsea lose at home in PL under Mourinho for first time in 77 matches, as Sunderland shock Blues:
Apr 19, 2014, 1:26 PM EDT
Blues and Black Cats locked at 1-1 after nervy first half, watch live online right here:
Apr 19, 2014, 1:07 PM EDT
According to the Fulham manager, if his side win their two remaining home matches, the Whites will stay up.
Apr 19, 2014, 12:21 PM EDT
Cardiff and Stoke both score PKs, as Bluebirds fail to take another step towards safety:
Apr 19, 2014, 12:14 PM EDT
Aston Villa may have clinched a vital point in the battle for safety, playing out a goalless draw with Southampton at Villa Park.
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