Chelsea announces huge financial losses

The London club won the Champions League last May, beating compatriot Manchester City 1-0.

But while its turnover rose from £387.8m to £416.8m thanks to an increase in TV revenue, Chelsea said it was still incurring losses due to playing matches behind closed doors due to Covid-19, as well as the impact on its budget of lower profits on player sales.

Chelsea continues to receive financial support from Fordstam Limited, a company controlled by the club’s billionaire owner Roman Abramovich, whose accounts say, “The company relies on Fordstam Limited for its continued financial support.”

Chelsea announced on Thursday that it had signed three players for 109.7 million pounds, they are Belgian international striker Romelu Lukaku, goalkeeper Marcos Petinelli and Spanish midfielder Saul, on loan from Atletico Madrid since June 30.

Chelsea added that in the same period he sold 13 players for 103.7 million pounds, and that he could receive an additional 16.4 million pounds if all the terms related to previous transfers are met.

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