Chelsea announce £32.5m profit for 2019-20 despite coronavirus crisis but figures don't include £253m transfer splurge
CHELSEA have revealed a £32.5million profit in their latest financial results for the 2019-20 campaign.
However, the impact of the coronavirus pandemic meant their overall turnover fell from £446.7m to £407.4m for the year ended June 30, 2020.
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But that was offset by qualification for the Champions League, as well as player sales that helped the club record a profit, including the £88million sale of Eden Hazard to Real Madrid.
According to the figures, broadcast and match day revenues dropped to £17.6million and £12.2million respectively, due to the season being suspended in March.
Although, that meant a reduction in match day costs with games being postponed.
Commercial revenue was also down by £9.5million, with non-match day activities around Stamford Bridge closed because of the pandemic.
The report also reveals that Chelsea are continuing to 'comply with UEFA's break-even criteria under the Financial Fair Play (FFP) regulations'.
And the Blues did invest £93.7million in the squad, including on existing player contract negotiations.
However, Chelsea's summer transfer splurge has NOT been included in the new figures.
Roman Abramovich signed off on £253million worth of deals, for the likes of Kai Havertz (£70m), Timo Werner (£53m), Ben Chilwell (£50m), Hakim Ziyech (£37m) and Edouard Mendy (£22m).
"In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea's income," Bruce Buck revealed on Chelsea's website.
"But it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year.
"This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved.
"That would have represented an increase in revenue for a fifth year in succession.
"Despite the impact of Covid, the revenue streams remained strong, our team is developing on the pitch and the club is in a good position to continue to grow when football is able to operate as it did previously, a time we are all looking forward to."
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