Previous
Southampton
Tottenham Hotspur
2
2
FT
Game Details
West Bromwich Albion
Liverpool
0
0
FT
Game Details
Espanyol
Barcelona
0
2
FT
Game Details
Manchester City
Aston Villa
3
2
FT
Game Details
Paris Saint-Germain
Lille
6
1
FT
Game Details
Atletico Madrid
Elche
3
0
FT
Game Details
Bayern Munich
Hertha Berlin
1
0
FT
Game Details
Internazionale
AS Roma
BT Sport 1 6:45 PM GMT
Game Details
Columbus Crew
Philadelphia Union
11:30 PM GMT
Game Details
New England Revolution
Real Salt Lake
11:30 PM GMT
Game Details
Houston Dynamo
Sporting Kansas City
12:30 AM GMT Apr 26, 2015
Game Details
Vancouver Whitecaps
DC United
2:30 AM GMT Apr 26, 2015
Game Details
Next
By ESPN Staff

Losses of £65.7m mean Chelsea must sell first

Chelsea chief executive Peter Kenyon has warned that any signings in the summer will have to be financed by selling players after the club announced losses of £65.7m for the last financial year.

Despite the losses, Chelsea insist they are committed to breaking even by 2010 - but that means very limited funds available for new signings.

Kenyon said: ''We have set ourselves ambitious targets, to require zero cash funding from the owner at the beginning of the financial year 2009/2010.

''We have consistently advocated the aim of self-sufficiency which has always been supported by the owner. We are hopeful of being close to these targets in the time-frames we have set given the underlying strengths of the business.

''Success on the field is a key part of this. But in line with our long-stated business aims, any squad structuring in the summer will be funded prominently by sales as we have consistently reduced our net transfer spend over the last five years and will attempt to continue this trend.''

The latest figures include £23.1m paid in compensation to Jose Mourinho, Avram Grant and five coaching staff. It does not include any pay-off for Luiz Felipe Scolari, sacked on Monday, however.

The figures do represent another improvement after last year's losses of £74.8m, £80.2m the previous year, and record losses of £140 in 2004/2005.

Chelsea's wage bill remains comfortably the biggest in the Premier League at £148.5m 70.6% of their turnover. Manchester United' by contrast was £106m in 2006/7, 43.6% of turnover.

Chelsea owner Roman Abramovich has also reduced the debt the club owe to him personally by half, turning the £369.9m of his loans into shares in the club. It still means however that Chelsea owe him £339.8m as an interest-free loan.

Chelsea chairman Bruce Buck said he hoped the move by Abramovich would silence the doubters over the Russian's commitment to the club.

Buck said: ''Following the conversion of half of the interest-free loans into equity there should now be no doubt as to the owner's commitment to the club and the stability of the company's funding structure.

''We have always believed that this 'debt', now reduced by 50%, has been misrepresented. Chelsea has no external debt and makes no punitive interest payments to external funders.''

Comments

Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment, and may be used on ESPN's media platforms. Learn more.