CHELSEA have revealed "extraordinary expenses and loss of revenue" as a result of the sanctions imposed on them last year.
The UK government placed former Blues owner Roman Abramovich under sanctions in response to Russia's invasion of Ukraine and his links to the country's president Vladimir Putin.
And the full impact of the sanctions has now been revealed.
The club have announced net losses of £121.3million for the financial year of 2021-22.
Chelsea were handed a "special license" to continue operating throughout the sanctions.
However, they were restricted in a number of aspects, including receiving revenue and negotiating contract renewals for players, staff and sponsors.
READ MORE ON CHELSEA
Football free bets: Get £40 bonus when you stake £10 with William Hill
Chelsea star Reece James names the toughest players he has ever faced
Despite this, the club say they are still set to comply with Premier League and Uefa financial regulations.
The massive losses come despite turnover increasing to £481.3m from £434.9m the year prior, which was heavily impacted by the Covid-19 pandemic.
An increase in operating costs including matchday and non-matchday expenses has been attributed to the losses.
A one-off payment of £26.6m to former boss Antonio Conte and his staff was also included in the figures.
Most read in Football
Spurs manager Conte OUT a week after astonishing rant about struggling team
Jack Grealish reveals his strange and pricey food habit after a game
Man Utd's Brandon Williams 'inhales hippy crack' in passenger seat of Merc
Man City legend, 49, looks completely unrecognisable as he returns for World XI
FREE BETS AND SIGN UP DEALS – BEST NEW CUSTOMER OFFERS
However, the sanctions are set to be felt in the coming years, with Chelsea saying: "Some of these limitations are also expected to have an impact on the financials in the following years due to the long-term impact from restrictions on entering into new contractual arrangements."
The 21/22 results also indicate the club made £123m from incoming transfer fees – including Tammy Abraham, Marc Guehi, Fikayo Tomori and Kurt Zouma – turning a £5.2m profit.
However, the results following the £600m expenditure of the club on transfer deals under Todd Boehly have not been included.
Source: Read Full Article
