The Covid-19 pandemic cost Chelsea nearly £40 million with the club releasing their financial results for the year ending June, 2020.
Chelsea’s turnover from 2019-2020 was £407.4m, a decrease of £39.3m from the £446.7m posted in the same period the previous 12 months, however the club still impressively recorded a profit of £32.5m.
Chairman Bruce Buck admits the temporary halting of fixtures and then subsequent Project Restart, with the 2019/20 campaign then played behind closed doors, had a "significant impact" on the club's business activity, and will continue to heading into 2021.
Broadcasting revenue was down from £17.6m and £12.2m with the Blues final four home league fixtures, Champions League and FA Cup matches taking place without fans.
Commercial revenue was down £9.5m due to the effect of the pandemic on matchdays and the lack of lucrative pre-season tours.
The results also detail that Chelsea spent £93.7m on new players over that period, with the summer signings of Kai Havertz, Timo Werner, Ben Chilwell and Edouard Mendy not included as they occurred after June 30.
However, in light of the challenges emanating from Covid-19, Chelsea did record a profit of £32.5m aided by Frank Lampard qualifying for the Champions League and player sales, which includes Eden Hazard’s £103m sale to Real Madrid.
Buck said: “In common with many, many businesses across the globe, the pandemic has had a significant impact on Chelsea’s income but it is a sign of the strength and stability of our financial operation that the company was still able to post a profit in the past financial year.
“This was done while continuing to invest in our playing staff and indeed had normal football not halted in March, projections show a record profit and record turnover would have been achieved. That would have represented an increase in revenue for a fifth year in succession.
“Despite the impact of COVID, the revenue streams remained strong, our team is developing on the pitch and the club is in a good position to continue to grow when football is able to operate as it did previously, a time we are all looking forward to.”
