It hasn't happened since Roman times: Chelsea announce first profit of Abramovich era

 

Chelsea announced today they have made a profit for the first time in the Roman Abramovich era providing a boost in their bid to comply with Uefa's Financial Fair Play rules.

The club confirmed they were in the black by £1.4m for the year ending June 30, having lost £67.7m the year before, as well as reporting a record turnover of £255.7m, which is the fifth largest amount in Europe - moving them above Arsenal in the European money table.

Since Abramovich bought the club in 2003, Chelsea have previously reported a series of losses as they have spent heavily in the transfer market to compete for trophies.

The club said in a statement they had made £28.8m profit in the transfer market, which is surprising given that Chelsea spent £74m on players over that period with arrivals including Romelu Lukaku (£20m) and Juan Mata (£23m) while sales only amounted to £18.5m. However, Chelsea say the cost of the signings have been spread over the length of each player's contract.

Chelsea have had to concentrate on improving the balance sheet with the FFP rules coming into effect, which threaten to ban clubs from the Champions League if they fail to live within their means.

Coach Roberto di Matteo believes the improved figures will ensure Chelsea can continue to challenge at the highest level for years to come.

He said: "Going forward that puts Chelsea in a strong position to remain competitive at domestic and international level.

"I think I said in the past that we are in favour of Financial Fair Play and doing everything in our power to comply with the new rules. This is great news for the club, it is the first time we have been able to achieve a profit."

Chelsea's Champions League victory in May has played a part in the huge turnaround. The club received £47m for winning the Champions League, whereas in the previous season they made just £35m after they lost to Manchester United in the quarter-finals.

Chelsea insist that staying in profit doesn't depend on Champions League success and Di Matteo added: "The business model is not just based on that, there are many people working in the club for that success. It is thanks to success on the field, but also off the field with new sponsor deals and the transfer market."

Chief executive Ron Gourlay said: "The big challenge is always to have a successful team on the field that wins trophies and to make a profit at the same time. The objectives have been set across the whole business, from the Academy to Under-21s and all the way through to the first team."

Significantly, Intergroup debt of £166.6m was capitalised into equity during the course of the year strengthening the balance sheet and making Chelsea FC plc debt free. Effectively, Abramovich has paid off the debt.

Meanwhile, Di Matteo has warned captain John Terry he is no longer guaranteed a place in the side and will have to fight for selection like everyone else.

The defender is expected to return to the first XI against Liverpool on Sunday after serving a four-game ban for racially abusing Anton Ferdinand but Di Matteo said: "We have a lot of competition in the team and they are all internationals."

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project