Chelsea records financial losses

Chelsea announced that it has endured losses of 23.1 million pounds (around $34.8 million) over the past year, with revenues of 314.3 million pounds ($474 million), 5.5 million pounds ($8.3 million) less than the previous year.

Chelsea owner Roman Abramovich predicts his club's revenues will increase next year.

English football club Chelsea announced that it has endured losses of 23.1 million pounds (around $34.8 million) over the past year. Chelsea has recorded revenues of 314.3 million pounds ($474 million), 5.5 million pounds ($8.3 million) less than the previous year, the London club declared on Tuesday, reports Efe.

“Chelsea Football Club has been consistent in our intention to comply with FFP and it was a primary aim in the past financial year to be one of the clubs with a continuous record of meeting the regulations, which we have achieved,” Chelsea president Bruce Buck said in a statement.

Russian billionaire Roman Abramovich, owner of Chelsea, said he expects the club’s revenues to increase during the next fiscal year, thanks to a record-breaking partnership with Japanese company Yokohama, which will provide the club with around 40 million pounds a year ($60.3 million).