Chelsea Soccer Club Loses 67.7 Million Pounds in Fiscal 2011; Sales Rise
Chelsea FC Plc’s 2011 fiscal year loss narrowed to 67.7 million pounds ($107 million) as the west London Premier League soccer club got more revenue from European competitions.
The loss in the 12 months ended June 30, 2011 was down from 70.9 million pounds in the year-earlier period, the team said today in a statement on its website. Sales rose 8 percent to a club record 222.3 million pounds in the latest fiscal year.
European soccer clubs are trying to narrow their losses in anticipation of new rules put in by the sport’s regional governing body, UEFA, that will penalize teams that fail to meet financial goals. Chelsea said game-day sales and commercial revenues “held up well,” without giving details.
“The club is focused on complying with the requirements of UEFA’s financial fair play regulations while maintaining its ability to challenge for major trophies,” Chairman Bruce Buck said in the statement. “We would expect this to be reflected in our results for the current financial year.”
Chelsea is in fourth place in the Premier League, 12 points off of the lead after 23 matches.
To contact the reporter on this story: Christopher Elser in London at celser@bloomberg.net
To contact the editor responsible for this story: Danielle Rossingh at drossingh@bloomberg.net
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