Chelsea have released their accounts for the 2023/24 financial year. The results include a bottom line figure of £128.4million of profit before taxation and ends a three year loss-making streak.
The club's 'respositioning' of the women's team has been cited by the club as a reason behind the profit. Chelsea remain compliant with profitability and sustainability rules (PSRs).
On an effective 12 month lag, these finances are looking at the entirety of Mauricio Pochettino's only season in charge, going from July 1, 2023 to June 30, 2024. That includes the start of last summer's transfer window.
Chelsea were quick to complete a host of first-team sales in order to boost their numbers. However, without European football at Stamford Bridge, Chelsea's overall revenue still dropped.
The club also started last season without a front-of-shirt sponsor, leaving a £40million hole after their deal with Three ended. Infinite Athlete eventually became partners and have since moved to become a sleeve sponsor.
The club has seen a drastic change of fortunes compared to the previous set of accounts. A £90.1million loss was made in 2022/23.
Explaining the baseline numbers, which will soon appear on the Government's Companies House website and into the public domain for further analysis, Chelsea write that "the club benefitted from increased profit on disposal of player registrations."
As for the women's team, Chelsea say "this new approach will ensure CFCW has dedicated resources, management and commercial leadership solely focused on the growth and success of the women’s team."
On the field and Chelsea explained that "the club’s broadcasting receipts benefitted from an improved sixth-place finish in the Premier League and semi-final and final appearances in the FA Cup and League Cup respectively." The statement adds that "there was a decrease in operational costs in the year, to offset the fall in revenue resulting in a stable operating loss in comparison to the previous year."
The statement finishes: "The growth in commercial revenue to £225.3million was driven by an increase in player loan income and strong sales of non-matchday activities, including stadium tours and merchandise sales.
Decreased operating expenses, including matchday and non-matchday costs, profits on disposal of player registrations of £152.5million and a profit on disposal of subsidiaries of £198.7million, led to the group recording an overall net profit of £129.6m after tax.
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Chelsea flag prior the UEFA Champions League Quarter Final Leg One match between Chelsea FC and Real Madrid at Stamford Bridge. (Photo by Jose Breton/Pics Action/NurPhoto via Getty Images)
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