Chelsea FC has released its latest financial update, which shows that the club recorded a £32.5 million profit, in spite of the COVID-19 pandemic.
Unsurprisingly, the Premier League side saw broadcasting revenue drop by £17.6 million and matchday revenue decreased by £12.2 million as a result of the spectator ban and mid-season suspension.
In addition, Chelsea revealed that commercial revenue also fell by £9.5 million, as the overall sum slipped from £446.7 million to £407.4 million.
However, the club still yielded a significant profit which it largely owed to its qualification for the UEFA Champions League and the sale of a number of its players, whilst abiding by UEFA’s break-even criteria, under financial fair play regulations.
Chelsea Chairman Bruce Buck commented on the club’s official website: “In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea’s income.
“But it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year.
“This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved. That would have represented an increase in revenue for a fifth year in succession.
“Despite the impact of COVID, the revenue streams remained strong, our team is developing on the pitch and the club is in a good position to continue to grow when football is able to operate as it did previously, a time we are all looking forward to.”
The West London club continued to pay its full-time and part-time staff throughout the coronavirus crisis instead of using the UK government’s furlough scheme or asking players to take pay-cuts.
Chelsea were also praised for providing financial assistance to its women’s teams and women’s academy amid the pandemic.