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."

Have you tried new the Independent Digital Edition apps?
Latest in Sport
Sport
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

Seifeddine Rezgui: What motivated a shy student to kill 38 holidaymakers in Tunisia?

Making of a killer

What motivated a shy student to kill 38 holidaymakers in Tunisia?
UK Heatwave: Temperatures on the tube are going to exceed the legal limit for transporting cattle

Just when you thought your commute couldn't get any worse...

Heatwave will see temperatures on the Tube exceed legal limit for transporting cattle
Exclusive - The Real Stories of Migrant Britain: Swapping Bucharest for London

The Real Stories of Migrant Britain

Meet the man who swapped Romania for the UK in a bid to provide for his family, only to discover that the home he left behind wasn't quite what it seemed
Cheaper energy on the way, but it's not all sunshine and rainbows

Cheaper energy on the way, but it's not all sunshine and rainbows

Solar power will help bring down electricity prices over the next five years, according to a new report. But it’s cheap imports of ‘dirty power’ that will lower them the most
Katy Perry prevented from buying California convent for $14.5m after nuns sell to local businesswoman instead

No grace of God for Katy Perry as sisters act to stop her buying convent

Archdiocese sues nuns who turned down star’s $14.5m because they don’t approve of her
Ajmer: The ancient Indian metropolis chosen to be a 'smart city' where residents would just be happy to have power and running water

Residents just want water and power in a city chosen to be a ‘smart’ metropolis

The Indian Government has launched an ambitious plan to transform 100 of its crumbling cities
Michael Fassbender in 'Macbeth': The Scottish play on film, from Welles to Cheggers

Something wicked?

Films of Macbeth don’t always end well - just ask Orson Welles... and Keith Chegwin
10 best sun creams for body

10 best sun creams for body

Make sure you’re protected from head to toe in the heatwave
Wimbledon 2015: Nick Bollettieri - Milos Raonic has ability to get to the top but he must learn to handle pressure in big games

Nick Bollettieri's Wimbledon files

Milos Raonic has ability to get to the top but he must learn to handle pressure in big games
Women's World Cup 2015: How England's semi-final success could do wonders for both sexes

There is more than a shiny trophy to be won by England’s World Cup women

The success of the decidedly non-famous females wearing the Three Lions could do wonders for a ‘man’s game’ riddled with cynicism and greed
How to stop an asteroid hitting Earth: Would people co-operate to face down a global peril?

How to stop an asteroid hitting Earth

Would people cooperate to face a global peril?
Just one day to find €1.6bn: Greece edges nearer euro exit

One day to find €1.6bn

Greece is edging inexorably towards an exit from the euro
New 'Iron Man' augmented reality technology could help surgeons and firefighters, say scientists

'Iron Man' augmented reality technology could become reality

Holographic projections would provide extra information on objects in a person's visual field in real time
Sugary drinks 'are killing 184,000 adults around the world every year'

Sugary drinks are killing 184,000 adults around the world every year

The drinks that should be eliminated from people's diets
Pride of Place: Historians map out untold LGBT histories of locations throughout UK

Historians map out untold LGBT histories

Public are being asked to help improve the map