Premier League club says sanctions placed on previous owner Abramovich seriously impacted their finances
Chelsea suffered a net loss of £121 million ($148 million) last season as a result of unusual expenses and revenue loss.
“The sanctions imposed on the Club’s previous owner on March 10, 2022, have had an impact on the year’s results. As a result of the sanctions, the Club was forced to operate under the terms of a special license issued by the UK government. These restrictions remained in effect until the Club’s sale was completed on May 30, 2022 “Chelsea made the announcement in a statement.
“During this period, the Club was restricted in a number of areas, including, but not limited to, its ability to sell matchday and season tickets, sell merchandise, accept event bookings, and sign contracts with players and commercial sponsorship partners, which resulted in extraordinary expenses and revenue loss,” it continued.
The Premier League disqualified Roman Abramovich from serving as club director in the midst of a slew of sanctions imposed on Russia as a result of Moscow’s war on Ukraine.
In 2003, he paid a reported £140 million ($187 million) to Chelsea and signed many star players to build a powerful team.
In May 2022, a consortium led by US businessman Todd Boehly completed its takeover of Chelsea.
Boehly owns a stake in the Los Angeles Dodgers baseball team, the Los Angeles Lakers basketball team, and the Los Angeles Sparks women’s basketball team.
