Chelsea blames financial losses on sanctions on Abramovich

LONDON (AP) — Chelsea reported losses of 121 million kilos ($148 million) in 2021-22, with the membership on Monday citing the sanctions imposed on former proprietor Roman Abramovich as a significant factor.

Abramovich was sanctioned by the British authorities final March because it sought to freeze the belongings of people it believed had connections to Vladimir Putin following Russia’s invasion of Ukraine.

Chelsea was positioned beneath a particular license that restricted the membership’s potential to promote tickets, settle for occasion bookings and even signal contracts with gamers. The restrictions remained in place till May, when the membership was purchased by a consortium led by American businessman Todd Boehly.

In an announcement, Chelsea stated the restrictions “resulted in extraordinary expenses and loss of revenue.”

“Furthermore, some of these limitations are also expected to have an impact on the financials in the following years due to the long-term impact from restrictions on entering into new contractual arrangements,” Chelsea stated.

Chelsea stated turnover within the final monetary 12 months, ending June 2022, elevated by 47.6 million kilos ($58.4 million) to 481.3 million kilos ($590 million).

The monetary outcomes don’t embody the membership’s spending spree of round $630 million on new gamers over the past two switch home windows.