Chelsea FC’s financial results for the 2022/23 fiscal year paint a mixed picture for the Premier League club, which is currently mid-table in the league standings.
Total club turnover grew 6% from £481.3m in 2021/22 to £512.5m for 2022/23, attributed by ownership to increased matchday and commercial revenue and due to the easing of government sanctions which had affected its business the year prior.
Last season (2022/23) marked the first full season for Chelsea under the ownership of Todd Boehly and affiliated Clearlake Capital Group L.P, which acquired the West London side in May 2022.
The acquisition marked the end of Roman Abramovich’s 19 year ownership of Chelsea, during which time the team won three league titles and its first Champions League. Chelsea had been seized from Abramovic due to Russia-related sanctions in 2022.
Based on turnover, it would appear that Boehly’s ownership of Chelsea has been financially successful, albeit accompanied by some on pitch struggles, which has seen the team fail to replicate its achievements of the 2000s, 2010s and early 2020s.
A dip in performance which led to a 12th place finish in the Premier League last season and exits from the FA Cup and League Cup in the third round also bit into broadcasting revenue due to the team not appearing in the lucrative Champions League.
On the other hand, its women’s team has been able to claw back some advertising revenue, having won the Women’s Super League (WSL) and Women’s FA Cup and reaching the final of the Women’s League Cup.
The Chelsea women’s team is one of the most popular and widely followed. The side was one of the five most searched women’s sports teams in Europe last year, although unfortunately for Chelsea this success did not fully offset the loss in broadcasting revenue for the men’s team.
On the other hand, Commercial revenue, as noted above, proved to be more of a standout for the club, increasing to £210.1m. ‘Strong sales’ for non-matchday activities like stadium tours, which had been restricted by government sanctions the year prior, helped drive this.
In addition, the club has detailed confidence in its sponsorship strategy, adding that Chelsea had ‘benefited from a net increase in sponsorship revenue from new and existing partner renewals’.
However, this revenue was ‘partially offset’ by operating expenses including matchday and non-matchday costs and staff costs. Total losses stood at £90.1m because of these costs, although this still marked a fall from £121.4m in 2021/22, and profits on disposal of player registrations and fixed assets stood at £142.2m.
