Chelsea announced a net loss of £121.3 million which is caused by sanctions imposed on former owner Roman Abramovich by the United Kingdom government.
The London-based football club was acquired by new owners in May 2022 by a consortium lead by chairman Todd Boehly.
A statement released by the new club owners read as follows:
“The club was required to operate within the limitations of a special licence issued by the UK government. These restrictions were in place until the completion of the club’s sale on 30 May 2022.
“During this period, the club was restricted in a number of areas including, but not limited to, its ability to sell matchday and season tickets, sell merchandise, accept event bookings, as well as sign contracts with players and commercial sponsorship partners, which collectively resulted in extraordinary expenses and loss of revenue.
“Furthermore, some of these limitations are also expected to have an impact on the financials in the following years due to the long-term impact from restrictions on entering into new contractual arrangements.”
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