Chelsea FC Holdings Limited today announced its annual financial results for the year ended 30 June 2023.

For the first time in the group’s history, the turnover figure has broken the £500m barrier, growing from £481.3m the previous year to £512.5m for 2022/23. Following the acquisition of the Club on 30 May 2022 by a consortium led by Todd Boehly and affiliates of Clearlake Capital Group L.P., 2022/23 was the first full season completed under the new ownership.

The rise in turnover was driven by increased matchday and commercial revenue, due in part to the Club being able to operate without the Government restrictions under which it was operating in the previous year.

The growth in turnover was also driven by the women’s team winning the Women’s Super League and the Women’s FA Cup and reaching the final of the Women’s League Cup. These increases were offset by decreased broadcasting revenue, a consequence of the men’s team finishing 12th place in the Premier League and exiting both the FA and League Cups at the 3rd round.

Commercial revenue increased to £210.1 million, driven by strong sales of non-match day activities including stadium tours, which saw sales restricted for part of the prior year due to Government restrictions. In addition, the Club benefited from a net increase in sponsorship revenue from new and existing partner renewals.

The higher revenue was partially offset by increased operating expenses, including matchday and non-matchday costs as well as increased staff costs. The group generated profits on disposal of player registrations and fixed assets of £142.2m, which helped offset the increased operational costs seen in the year. Losses before taxation reduced from £121.4m the previous year to £90.1m for 2022/23.

Despite the loss in the year and the continued fallout from the sanctions placed on the club in the prior year, the Club continues to comply with UEFA and Premier League financial regulations.