Todd Boehly Behdad Eghbali Chelsea
(Credit: Getty Images)
Stefan Borson
Thu 12 June 2025 7:00, UK
Chelsea are set to make another significant operating loss despite qualifying for the Champions League in the latest campaign.
Enzo Maresca’s side finished fourth in the Premier League table, while they also won the Conference League trophy.
Chelsea’s owners have faced intense scrutiny as questions continue to be asked about their handling of the club’s finances.
The Athletic reported on 5 June the London giants could make a pre-tax loss of £300million in the 2024-25 financial year and still comply with the profit and sustainability rules (PSR), with top-flight clubs permitted to lose £105million over a rolling three-year period.
However, finance expert Stefan Borson exclusively told Football Insider Chelsea are likely to lose around £250million at the operating level in 2024-25, taking the overall figure to £1billion over the past four years.
The Premier League side’s latest accounts for 2023-24 revealed their overall revenue fell from £512million in 2022-23 to £468million, while their underlying losses dropped from £249million to £214million.
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Chelsea sold their women’s team to BlueCo last summer for around £200million, helping them turn their previous £90million loss for 2022-23 into a £128million profit for 2023-24.
Meanwhile, the club’s wage bill fell from £404million to £338million across the same period.
Chelsea
Chelsea’s owners have come under fire following their heavy spending (Credit: Getty Images)
Chelsea set to pay out huge bonuses
Borson insisted Chelsea will have to pay out hefty bonuses following their performances this season.
He told Football Insider: “They are still going to lose £250million in operating losses.
“That’s going to take them to £1billion over the last four years before player sales and before these funny intro group-transfers.
“Obviously, this season they have more matchday than last season. They will have a higher domestic finish. They will have European football.
“We know they’re probably going to do around about the same revenue as they did last year, even without a shirt sponsor. They did £468milloon last year, and they will do about the same this year.
“The problem is they’ve got massive player amortisation and they’ve still got massive wages, and that’s even if they’ve managed to reduce the wages. If everything that they say is true about wages, they always talk about these heavily incentivised contracts.
“So, one of the justifications that they’ve had for why their wage bill has come down and it’s only come down modestly, but why it’s come down modestly is because it’s all heavily incentivised.
“Well, some of the things that would have given them the triggers for the incentivisation have happened.
“They qualified for the Champions League and they won a trophy, so therefore you would anticipate that they’ve triggered some of that incentivisation and you would expect there to be some fairly hefty bonuses being paid for the current season.”
PL TABLE CHELSEA
Chelsea finished fourth in the Premier League table (Credit: Hasan Karim – Breaking Media)
Chelsea set Trevoh Chalobah exit stance
In terms of potential exits, Football Insider revealed on 10 June Chelsea will sell other centre-backs ahead of Trevoh Chalobah this summer.
The 25-year-old, who spent the first half of the latest campaign on loan at Crystal Palace before he was recalled, has been a consistent and reliable option under Maresca.
The centre-back featured 19 times for Chelsea after returning to Stamford Bridge in January.
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