Chelsea have reportedly turned a £128 million profit and complied with profit and sustainability rules after selling the women's team to themselves.
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Chelsea sell women's team to themselvesBlues turn a £128m pre-tax profitComplying with Premier League's PSR rulesFollow GOAL on WhatsApp! 🟢📱WHAT HAPPENED?
On Monday, Chelsea announced they had made a pre-tax profit of £128.4m ($165.8m) for the financial year ending June 30, 2024, after the 'repositioning of Chelsea Football Club Women Ltd'. The Guardian states that has seen them avoid a breach of the Premier League's profit and sustainability rules.
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Chelsea sold their women's team to parent company BlueCo 22 Midco Ltd last year, and it is believed they are valued at upwards of £150m ($193.7m), which may have been the difference in the Blues not breaking any rules. However, The Times states they are likely to be in breach of UEFA's financial rules Europe's governing body does not allow clubs to register income from selling assets to sister companies.
DID YOU KNOW?
Chelsea added that overall revenue in the year fell to £468.5m ($605m) due to the men's team not competing in the Champions League. However, the growth in commercial revenue to £225.3m ($291m) was fueled by an 'increase in player loan income and strong sales of non-matchday activities, including stadium tours and merchandise sales'.
AFPWHAT NEXT?
Many football fans will be keeping a watchful eye on when Chelsea release their full accounts for 2023/24 as this statement from the club doesn't show the whole picture. The Blues may have complied with Premier League rules but will have to wait and see if UEFA decide to take any action.