Chelsea FC have confirmed a £32.5 million profit in the last financial year, despite the season suffering from the economic impact of the coronavirus pandemic.
The overall turnover for the financial year that ended on June 30, 2020 was £407.4 million, down from £446.7 million in the previous year.
However, the Premier League side were still able to register a profit after securing qualification into the UEFA Champions League competition and the sale of some of their players, including the likes of Eden Hazard, who was sold to Real Madrid in the summer transfer window of 2019.
The biggest financial hits came from lost broadcast and match day revenue, which decreased by £17.6 million and £12.2 million respectively, two areas that were significantly affected by the suspension of football from March 2020.
Losses from the pandemic were partially offset by reduced match day costs after the postponement of games.
Chelsea claimed that they were set to confirm a record profit before the onset of the COVID-19 crisis.
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, 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.”
Author: Jake Wilkin