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.
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.
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.Advertisement
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.
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.