Chelsea Football Club has attributed their losses of £121 million (RM 653 million) for the 2021-22 season to UK government sanctions imposed on their former owner Roman Abramovich.
Sanctions against Chelsea
These sanctions were imposed in March 2020 to freeze the assets of individuals believed to have connections to Russian President Vladimir Putin after Russia’s invasion of Ukraine. These restrictions placed Chelsea under a special licence that limited their ability to sell tickets, accept event bookings, and sign contracts with players.
However, Chelsea’s turnover increased from £434.9 million to £481.3 million, (RM 2.3 – RM 2.6 billion) and commercial revenue rose to £177.1 million (RM 955 million), despite the sanctions. The losses were due to increased operating expenses. The financial report does not include Chelsea’s summer 2022 or January 2023 acquisitions, when they spent over £500 million (RM 2.7 Billion) on new players. The 2021-22 results show that £118 million (RM 637 million) was invested in the squad, but a profit of £123 million (RM 664 million) was made on sales.
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