Chelsea announce profit in latest financial records

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Chelsea have posted a profit worth £32.5 million [$44.4 million] during the financial year ended June 30, 2020.

The group turnout slipped from £446.7 million[$610.6 million] to £407.4 million [$556.8 million] the previous year, a major implication of the COVID-19 pandemic.

Despite a significant fall in both broadcasting and matchday revenues, the Blues managed to make a considerable margin owing to Champions League qualification and player sales.

Commercial revenue dropped by £9.5 million, set off by non-match day activities in March 2020.

Chelsea remain compliant with UEFA’s break-even criteria under the Financial Fair Play [FFP] regulations, according to a club statement.

A net sum of £93.7 million was invested in the playing squad during the 2020 financial year, including existing player contract renegotiations.

It is worth noting that big-money summer signings such as Kai Havertz, Timo Werner and Ben Chilwell were brought in after the end of the 2020 financial year.

Club Chairman Bruce Buck said: "In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea’s income but it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year.

"This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved. 

"That would have represented an increase in revenue for a fifth year in succession.

"Despite the impact of COVID-19, the revenue streams remained strong, our team is developing on the pitch and the club is in a good position to continue to grow when football is able to operate as it did previously, a time we are all looking forward to."

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