Chelsea have released their financial results for the financial year ending in June 2019, recording a loss of £96.6m for the year.
It is the first time in three years that the club have made a loss, after recording profits in both 2017 and 2018.
In the statement on the official website, Chelsea put the loss down to “a number of player acquisitions and its related costs, as well as a lack of Champions League football together with costs associated with the change of first team management.”
The statement confirmed that Chelsea’s revenue from commercial activities grew by £14.5m compared to previous years, while broadcast and matchday revenues decreased by £3.9m and £7.3m respectively.
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In total, £280.6m was invested into the squad including the acquisitions of Kepa Arrizabalaga, Christian Pulisic, Mateo Kovacic and Jorginho.
Speaking to the official website, chairman Bruce Buck said that the investment was part of a plan to bring sustainable success to the club in coming seasons.
“Consistent revenue growth and careful financial management over recent seasons has allowed the club to make significant levels of investment in the playing staff whilst maintaining compliance with UEFA Financial Fair Play regulations,” he said.
“This has contributed to another Europa League victory at the end of the 2018/19 season and a return to the highest level of European competition.
“This solid commercial foundation, allied to a young and exciting team now led by Frank Lampard, means that the club is well placed to sustain its pursuit of success both on and off the pitch as well as maintain its financial stability over the coming years.”