London: Roman Abramovich’s Chelsea will comply with new European Financial Fair Play (FFP) rules despite returning to loss for the year ending June 2013.
“Although the Europa League was won, a reduction in income from that success compared with winning the Champions League in 2012 contributed to a loss for the financial year of £49.4 million [Dh299.67 million],” the club said in a statement on Tuesday.
FFP regulations state a club can have a deficit of no more than €45 million a year, but head of communications Steve Atkins told Reuters that, because of complicated accounting rules, Chelsea’s actual loss was around £34 million.
“Group turnover of £255.8 million for the 12-month period is a record figure for the club despite elimination from the Champions League at the group stage last season,” Chelsea said in their statement.
“A 19 per cent rise in commercial income from £67 million to £79.6 million is a clear indication Chelsea is moving in the right direction in terms of business growth, as is a turnover figure that increased for a fourth consecutive year despite diminished European competition revenue.”
The year ending June 2012 was the first time Chelsea had made a profit since Russian oligarch Abramovich bought the club in 2003.
