Chelsea announce record profit and turnover figure

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Europe

A return to Champions League football and prominent player sales allowed Premier League giants Chelsea to achieve a record 562 million U.S. dollars turnover and 79 million U.S. dollars profit for the 2017/18 season, the club announced on Monday.

Revenue rose 22.7 percent on the previous season thanks in large part to a profit on player sales of 144 million U.S. dollars and a run to the Champions League last 16, which boosted TV income by 60 million U.S. dollars.

Commercial revenue was up 40.7 million U.S. dollars, helped by a new Nike kit deal worth a reported 76.4 million U.S. dollars a year, while matchday revenues also increased by 10.7 million U.S. dollars.

"The club has now posted a series of record-breaking revenue figures and our profit margin has increased in consecutive years," said chairman Bruce Buck in a statement.

"This has occurred against a backdrop of varying participation in European football, and different degrees of achievement in the Premier League, which demonstrates we have built a sound business footing to support our on-pitch quest for success."

Diego Costa in action during the La Liga match between Club Atletico de Madrid and FC Barcelona at Wanda Metropolitano on November 24, 2018. /VCG Photo

The latest figures for the season ending June 30, 2018, include the sales of Diego Costa to Atletico Madrid, Nemanja Matic to Manchester United, Nathan Ake to Bournemouth and the permanent transfer of Juan Cuadrado to Juventus.

However, the accounts do not include the severance pay for Antonio Conte or his coaching staff.

Conte was sacked in July after the Blues' finished fifth and failed to qualify for this season's Champions League.

Source(s): AFP