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Chelsea FC Annual report: Turnover falls but profit made

The club's turnover figure fell to £407.4m from £446.7m while they made a profit of £32.5m in the year ended 30 June 2020

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Chelsea FC have announced, in their annual report for the year ended 30 June 2020, that they recorded a fall in their turnover but made a profit of £32.5m.

In a club statement released earlier today, the club confirmed that their turnover figure fell  from £446.7m to £407.4m compared to the previous year, citing the impact of the COVID-19 pandemic as key.

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But despite the fall in the turnover, the club was able to make a profit of £32.5m for the year ended 30 June 2020 as a result of Champions League qualification and player sales.

Part of Chelsea’s statement read:

The group turnover figure fell to £407.4m from £446.7m the previous year due to the impact of the COVID-19 pandemic which impacted all revenue streams of the Group.

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Despite the fall in revenue, the Group recorded a profit of £32.5m for the year ended 30 June 2020, reflecting the Club’s qualification to the Champions League and profits made on a number of player sales during the 2020 financial year.

The club also confirmed that broadcasting and matchday revenues decreased by £17.6m and £12.2m respectively, primarily as a result of the suspension of the 2019/20 season in March 2020.

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Chelsea chairman: Income is a sign of strength

The Chairman of the club, Bruce Buck, also indicated that the ability of the club to generate profit amidst the pandemic is a sign of the club’s strength in terms of financial operations.

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.

Please click on the link to read the full report from the official website of Chelsea FC. 

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