Financial results announced with record revenues
news Fri 29 Dec 2017
Chelsea FC plc today announced our annual financial results for the year ended 30 June 2017 with the club recording our highest ever turnover figure, resulting in a profit for the year of £15.3m.
The group turnover figure grew to £361.3m from £329.1m in the previous year, an increase of 9.8 per cent. Broadcasting revenues increased as a result of winning the Premier League title last season, as well as the commencement of the Premier League’s latest contracts with TV broadcasters.
Revenue from Chelsea’s commercial activity also grew following the signing of several partnership deals, most notably with our new official training wear partner, Carabao.
Stamford Bridge continued to sell out on matchdays and ticket prices remained frozen at 2011/12 levels. However, matchday revenues for 2016/17 fell slightly as a result of the club’s non-participation in UEFA competitions.
Although the club recorded an operating loss in the year, the club reported an overall profit after making a profit on player trading of £69.2m.
These results ensure the club continues to comply with UEFA’s break-even criteria under the Financial Fair Play (FFP) regulations.
Overall revenues are expected to continue to grow in 2017/18. These will be powered by the start of the club’s new technical partnership with Nike on 1 July 2017, the biggest commercial deal in the club’s history, and the team’s renewed participation in the UEFA Champions League.
Chairman Bruce Buck said: ‘It is very pleasing we matched significant achievement on the pitch in 2016/17 with a successful year commercially. 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.
‘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. We thank our supporters, partners and staff for a successful 2016/17.’
Chelsea FC plc’s ultimate parent company, Fordstam Limited, which is also responsible for the Group’s non-footballing operations, reported a consolidated loss of £14.2m for the year largely due to new stadium planning costs and losses at non-football ancillary businesses.