Chelsea announce £15.3m profit after player sales counterbalance operating loss

LONDON, ENGLAND - MAY 15:  Chelsea owner Roman Abramovich is seen prior to the Barclays Premier League match between Chelsea and Leicester City at Stamford
Image: Chelsea owner Roman Abramovich oversaw player sales which helped the club record an overall profit

Chelsea recorded a £15.3m profit for the year ending June 30, 2017, after player sales helped cover an operating loss.

The club generated a profit of £69.2m from transfer business, due largely to the sale of Oscar to Shanghai SIPG for around £60m.

Chelsea said the results ensure the club continues to comply with UEFA's break-even criteria under the Financial Fair Play (FFP) regulations.

Turnover grew to £361.3m from £329.1m in the previous year, an increase of 9.8 per cent, which stems from increased broadcast revenue and winning the Premier League title.

However, the club also missed out on potential revenue by failing to qualify for the 2016-17 Champions League campaign.

Brazilian football player Oscar (C) is escorted as he arrives at Shanghai airport on January 2 2017
Image: Oscar was sold to Shanghai SIPG for around £60m

"It is very pleasing we matched significant achievement on the pitch in 2016-17 with a successful year commercially," said chairman Bruce Buck.

"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."

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Chelsea have also benefited from partnership deals such as Thai energy drink, Carabao.

Marcos Alonso celebrates after scoring his Chelsea's first goal
Image: Champions Chelsea are currently third in the Premier League table

The club expect revenues to grow in the year 2017-18 due to revenues gained from a return to the Champions League and a new partnership with Nike.

Buck added: "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."

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