Chelsea reported a profit of £ 32.5million in the club’s latest set of financial results from the Premier League.
The impact of the Covid-19 pandemic caused the group’s overall revenue to drop from £ 446.7 million to £ 407.4 million for the fiscal year ended June 30, 2020.
Nonetheless, qualifying for the Champions League and the surplus realized “on a number of player sales” enabled the West London club to post a substantial profit.
The club also continues “to comply with UEFA’s balance sheet criteria under the Financial Fair Play (FFP) regulations”.
Streaming and match revenues fell by £ 17.6million and £ 12.2million respectively, mainly due to the season suspension from March 2020.
The reduction in the costs of the day due to the postponement of matches partially offset the losses caused by the pandemic.
The Stamford Bridge club decided not to use the government’s coronavirus job retention leave program, continuing to pay salaries for full-time and temporary staff who were not required to work all through throughout fiscal year 2020.
Chelsea have played their last four Premier League home games of the interrupted domestic campaign as well as the conclusion of the FA Cup and Champions League matches behind closed doors, the majority of which fell in fiscal 2021.
Business income also fell by £ 9.5million, with non-match activities in and around Stamford Bridge also being shut down due to the pandemic.
Chelsea also invested £ 93.7million in the squad in FY2020 which included contract renegotiations of existing players.
However, the big summer signings of Kai Havertz, Timo Werner, Ben Chilwell and Edouard Mendy are not covered in the 2020 results as they all took place after June 30.
Blues chairman Bruce Buck said on the club’s website: “Like so many businesses around the world, the pandemic has had a significant impact on Chelsea’s earnings.
“But it is a sign of the strength and stability of our financial operation that the company was able to still make a profit during the past financial year.
“This was done while continuing to invest in our playing team and indeed, had normal football not been interrupted in March, projections show record profit and record turnover would have been achieved. would have represented an increase in income for a fifth consecutive year.
“Despite the impact of COVID, revenue streams have remained strong, our team is growing on the pitch and the club is well positioned to continue to grow when football can function as it once did, a time when we all are. looking forward to. “