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Chelsea reveal £15m profit despite missing Champions League

Chelsea have announced a record turnover and an overall profit of £15.3 million in their latest annual financial results for the fiscal year ending June 30, 2017.

The club's turnover increased 9.8 percent from £329.1m to £361.3m, underpinned by receiving a greater share of Premier League broadcast revenue as a result of winning the title in the 2016-17 season.

Several new commercial partnerships also provided an income boost, including the start of a three-year, £30m deal with Thai energy drink company Carabao to sponsor training wear.

Beyond Chelsea's headline announcement, however, was confirmation of the negative impact that a season out of the Champions League had on their finances. Broadcast and matchday revenue both took a hit as a result of the club's absence from Europe's elite club competition, leading to an operating loss for the year.

Chelsea's finances were ultimately pulled into the black by a £69.2m profit on player trading, in a year that saw Oscar offloaded to Shanghai SIPG for a club-record £60m and fringe players Papy Djilobodji and Patrick Bamford sold for around £15m combined.

The January sale of Oscar allowed Chelsea to report an overall profit for the fiscal year ending in June.
The January sale of Oscar allowed Chelsea to report an overall profit for the fiscal year ending in June.

Accompanying a statement on Chelsea's website announcing the results, club chairman Bruce Buck said: "It is very pleasing we matched significant achievement on the pitch in 2016-17 with a successful year commercially. Our business has continued to grow long-term and to be able to post record turnover figures despite not playing Champions League football during that period highlights this strength.

"Our fans played a major part, by supporting the team towards lifting the Premier League trophy, coming to our matches in large numbers, and our ever-increasing global fanbase has helped important commercial partnerships to be formed. We thank our supporters, partners and staff for a successful 2016-17."

Chelsea expect next year's results to be boosted by the return of Champions League broadcast revenue, coupled with the start of a 15-year technical partnership with Nike worth £900m.

Other commercial arrangements will also be explored. Speaking to the Financial Times in October, Chelsea's new commercial director Chris Townsend revealed that the Blues are aiming to increase its number of sponsors from 12 to between 30 and 35 with the long-term goal of taking yearly revenues north of the £650m mark.

Chelsea's parent company, Fordstam Ltd, reported a consolidated loss of £14.2m. The club attributed this to costs relating to the Stamford Bridge redevelopment project, which has encountered numerous delays and costs since being granted planning approval by Hammersmith and Fulham Council in January.

Liam is ESPN FC's Chelsea correspondent. Follow him on Twitter: @Liam_Twomey.

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