Chelsea posts big loss, blames Russia sanctions
STORY: English soccer club Chelsea says it’s collateral damage of the conflict in Ukraine.
On Monday (March 27) the club posted a loss of almost $149 million for the 2021-22 season.
It blamed “extraordinary expenses” and a loss of revenue after sanctions were imposed on former owner Roman Abramovich.
The Russian billionaire put the club up for sale last March following the start of conflict in Ukraine.
During the sale process, Chelsea was not allowed to sell tickets, which slashed revenue.
That also hit other sources of income, such as merchandise sales and event bookings.
On the sporting front, Chelsea was unable to sign contracts with players or commercial partners.
The club was subsequently bought by U.S. businessman Todd Boehly and Clearlake Capital.
They’ve invested more than $645 million in new players since taking over.
Chelsea is through to the quarter finals of the Champions League this year, but languishes tenth in the Premier League.