Stefan Borson
Sun 9 March 2025 21:00, UK
Chelsea’s financial situation has been firmly in the spotlight over the past couple of years following their heavy spending since BlueCo completed its takeover in May 2022.
The US consortium, which is spearheaded by Todd Boehly and Clearlake Capital, has spent more than £1billion on new signings.
The London giants’ latest published accounts for 2022-23 revealed their operating losses stood at £218million before player-trading profits and other asset sales were factored in.
Chelsea sold two Stamford Bridge hotels to BlueCo in 2023 for a total of £76.5million to ensure their pre-tax losses fell from potentially as high as £166million to £90million for 2022-23.
Under the profit and sustainability rules (PSR), top-flight clubs can lose a maximum of £105million over a rolling three-year period.
A new Uefa report revealed Chelsea’s revenue dropped from £513million in 2022-23 to £435million last season, while their pre-tax losses stood at £93million across the same period.
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Finance expert Stefan Borson exclusively told Football Insider the west London club’s losses before player sales and other asset sales were likely to be around £275million in 2023-24.
In a further attempt to offset their major losses, Chelsea sold their women’s team to BlueCo in June last year in a deal believed to be worth in excess of £150million.
Chelsea
Chelsea numbers are ‘worse than expected’ after new twist
Borson revealed Chelsea’s numbers are likely to be worse than originally expected following their “enormous” losses.
He told Football Insider: “The key thing is that, first of all, it’s very hard to assess the Chelsea situation right now because they have the sales of non-football assets and very large player sales.
“We have got two reports that give indications of what the numbers are before their actual formal accounts are published at Companies House in the UK at the end of the month. Those are due to be filed on 31 March.
“They will be available probably on 4 April, something like that. But in the meantime, we’re left with the numbers from Deloitte and also from Uefa. Those numbers slightly differ.
“It could be because the women’s team is excluded, but it’s not completely clear that that’s what’s happened.
“But the bottom line is, if you were to take the Uefa numbers, you would see that it predicts or it details an EBITDA, so the earnings before interest, tax depreciation, amortisation and player and other exceptional asset sales.
“It will demonstrate a loss of about £25million, and that’s worse than we probably thought.
“The knock-on effect of losing £25million at that level is, once you add on player amortisation and depreciation, you’re talking about an operating loss before player sales and other asset sales of something in the order of £275million.
“Clearly, that’s an enormous amount. I think it’s the third year on the bounce they’ve lost more than £200million at that line of the profit and loss. That’s not sustainable over the long term.
“They are going to lose over £200million again this season.”
Chelsea
(Credit: Getty Images)
Chelsea owners face takeover blow after fan protests
Borson previously told Football Insider Chelsea’s owners will struggle to agree a takeover after facing criticism from fans in recent weeks.
Boehly and fellow co-owner Behdad Eghbali were the subject of a high-profile takeover battle last year, but a deal failed to materialise.
Position Team GP Pts GD
1 Liverpool 29 70 +42
2 Arsenal 27 54 +28
3 Nottingham Forest 28 51 +12
4 Man City 28 47 +15
5 Chelsea 27 46 +16
6 Brighton 28 46 +6
7 Aston Villa 29 45 -4
8 Newcastle 27 44 +8
Premier League table (as of 08/03/2025)
Chelsea fans protested against their owners ahead of the 4-0 victory over Southampton on 25 February following their lack of progress over the past two-and-a-half years.
Enzo Maresca’s side currently sit fifth in the Premier League table, one point behind fourth-place Manchester City with a game in hand.
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