Chelsea recorded a pre-tax profit of £128.4 million ($165.83 million) for the year ending in June of 2024 despite a fall in revenue thanks to the repositioning — ostensibly a sale — of their women’s team, the Premier League club said on Monday.
The profit, which was also helped by the disposal of player registrations, comes after a loss of £90.1 million ($116.3 million) in the previous year to June of 2023, which was the first under the ownership of the consortium led by Todd Boehly.
The women’s team passed from Chelsea FC Holdings Limited to BlueCo, Boehly’s consortium, last June, removing any losses associated with Chelsea Women from the club accounts and Chelsea Holdings benefiting from the sum that BlueCo paid.
The profit on disposal of subsidiaries was £198.7 million ($256.6 million) while the profit on disposal of player registrations came to £152.5 million ($197 million).
Chelsea’s overall revenue fell from £512.5 million ($662 million) in 2023 to £468.5 million ($605.2 million), which the club said was due to the men’s team not competing in the Champions League.
The club’s broadcasting receipts increased thanks to their sixth-place finish in the Premier League, along with decent cup runs, and there was also a fall in operational costs and growth in commercial and matchday revenue.
The women’s team is first in the WSL table this season, while the men’s side sits in fourth in the Premier League with nine games to go in the season.
Things went in the opposite direction for fellow Premier League side Everton, with the club reporting a loss of £53 million ($68.44 million) in the 2023-24 season, marking a seventh consecutive year in deficit. However, Everton will avoid breaches of the league’s profit & sustainability rules.
Despite Everton reporting an improvement from the £89.1 million deficit recorded the previous year, the club’s losses over the last seven years total £570 million.
Last season Everton were deducted eight points for two separate PSR breaches for the rolling three-year periods including the 2021-22 and 2022-23 campaigns.
In January, the league confirmed that all clubs, including Everton, were financially compliant for the 2023-24 season, and no additional charges would be imposed.
Information from Reuters was used in this story.
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