Chelsea report £128.4m profit after sale of women’s team

Chelsea have reported a pre-tax profit of £128.4m in their financial results for the year ending June 2024.

The figure was an improvement on the first full year under the ownership of Todd Boehly’s Clearlake Capital consortium, in which the Premier League club announced pre-tax losses of £90.1m.

Chelsea’s overall revenue fell from £512.5m in 2023 to £468.5m, which the club attributed to the absence of Champions League football for their men’s side.

The club credited the profit to the “disposal of player registrations” worth £152.5m and the “repositioning” of their highly successful women’s team.

Chelsea announced a restructuring and a long-term strategic plan for the women’s team in May 2024 which saw them sold to become a standalone business from the men’s side while remaining a part of the club owners ‘ wider portfolio.

Chelsea said matchday revenue increased to £80.1m for its financial year, from £76.5m in the previous results.

Chelsea’s statement on Monday pointed to how the club improved their financial health, avoiding breaking Premier League’s profit and sustainability rules (PSR).

The position was strengthened in the previous financial results by the sale of two hotels by Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd, a deal between companies under the control of the Todd Boehly and Clearlake Capital ownership.

That £76.5m sale meant Chelsea made a loss of £89.9m instead of £166.4m in their 2022-23 accounts.

Chelsea may have made an even greater gain with the sale of the women’s team to BlueCo, with that 2024 transaction worth either part or all of the £198.7m “profit on disposal of subsidiaries” mentioned in the club accounts.

Without that, Chelsea may have made a significant loss.

In a season without European football, the club again made substantial player purchases while not having a front-of-shirt sponsor.

Only when the full financial results are released on Companies House will it be absolutely clear what impact the women’s team transaction has made.

Chelsea’s strategy is entirely within Premier League rules. Uefa has more stringent rules and it remains to be seen whether European football’s governing body considers any action.