News24

Chelsea turn a profit

2012-11-09 16:43

London - Chelsea recorded an annual profit of R19.5 million (1.4 million pounds) for the year ended June 30, 2012, boosted by their Champions League success in May.

The figures compare to a loss of 67.7 million pounds in the previous year and is the first time Chelsea have recorded a profit since Russian billionaire Roman Abramovich took over as owner of the Premier League club in 2003.

In a statement, Chelsea plc said they recorded a record group turnover of 255.7 million pounds, making them the fifth largest club in Europe in terms of revenue.

Chelsea said the figures put them "in a strong position to comply with UEFA Financial Fair Play (FFP) criteria for the coming seasons."

In order to compete in European competitions, the FFP requires clubs to achieve a break-even figure, over a fixed period, in terms of spending against income from football-related activities.

Chelsea chief executive Ron Gourlay said the figures showed Chelsea was moving in the right direction.

"Our club philosophy is built on success," he said. "We had that success on the field this year, as we were the first London team to win the UEFA Champions League, and we enjoyed it off the field as well and this helps us inject financial investment into the team.

"The big challenge is always to have a successful team on the field that wins trophies and to make a profit at the same time."

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