Todd Boehly Enzo Maresca Chelsea
(Credit: Getty Images/Imago)
Stefan Borson
Tue 10 June 2025 11:07, UK
Chelsea’s owners have come under the microscope following their heavy spending since taking over at Stamford Bridge in May 2022.
BlueCo, which is spearheaded by Todd Boehly and Clearlake Capital, has spent around £1.5billion on new signings over the past three years.
The Premier League side’s latest accounts for 2023-24 revealed their overall revenue fell from £513million in 2022-23 to £469million, while their underlying losses dropped from £249million to £214million.
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.
The Athletic reported on 5 June Chelsea 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.
Finance expert Stefan Borson exclusively told Football Insider Chelsea will only be able to record substantial losses because of their intra-group sales as opposed to the business operating well.
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The London giants also sold two Stamford Bridge hotels to their owners in 2023 for a total of £76.5million to avoid a spending breach for 2022-23.
Chelsea
Chelsea’s owners have spent heavily on new signings (Credit: Getty Images)
Chelsea set to ‘lose a fortune’ after spending spree
Borson insisted Chelsea are going to “lose a fortune” in the current financial period.
He told Football Insider: “Obviously, very few people understand what The Athletic article actually says and what that table means, so it’s caused a bit of excitement around it.
“On my model for 2023-24, before the sale of the hotel and before the sale of the women’s team, I had them about £170million short.
“We know the hotel was £76.5million, so that left them on my model around about £95million short. Now, when you add those back in, the womens’s team will get the £200million, we know that.
“I’m not sure it’s £300million, but I think they can lose a lot. That’s just the nature of doing £275million worth of these funny intra-group transfers. It’s not a sign of the business being well run.
“The top and bottom of it is, do I think before player sales and before property sales, they can lose £300million? It won’t be far off that.
“They can lose a lot because it’s just the nature of sticking in a lot of the funny transactions.
“I had them exactly on £105million for 2024-25. But after you put in the sale of the women’s team and they’ve got Gallagher already, that’s profit sales, so they’re going to be fine for PSR.
“They are going to be fine and they will lose a fortune.”
PL TABLE CHELSEA
Chelsea finished fourth in the Premier League table (Credit: Hasan Karim – Breaking Media)
Chelsea duo could quit after Mike Maignon latest
In terms of potential exits, Football Insider revealed on 6 June Robert Sanchez and Djordje Petrovic could both leave this summer if Chelsea complete a cut-price deal for goalkeeper Mike Maignan.
AC Milan star Maignan is about to enter the final year of his contract at the San Siro, with a new agreement yet to be reached.
Chelsea have made an initial £10million bid for the 29-year-old despite being told the Serie A giants value him at around £25million.
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