Chelsea Blames Financial Losses on Sanctions on Abramovich

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

Abramovich was sanctioned by the British government last March as it sought to freeze the assets of individuals it believed had connections to Vladimir Putin following Russia’s invasion of Ukraine.

Chelsea was placed under a special license that restricted the club’s ability to sell tickets, accept event bookings and even sign contracts with players. The restrictions remained in place until May, when the club was bought by a consortium led by American businessman Todd Boehly.

In a statement, Chelsea said 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 said.

Chelsea said turnover in the last financial year, ending June 2022, increased by 47.6 million pounds ($58.4 million) to 481.3 million pounds ($590 million).

The financial results do not include the club’s spending spree of around $630 million on new players over the last two transfer windows.



FRANKFURT, Germany  — They all jumped for the ball in a frantic late push for the goal that would save Germany from its first loss at the European Championship, against an impressive Switzerland team.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Alberto, Season’s First Named Tropical Storm, Dumps Rain on Texas and Mexico, Which Reports 3 Deaths

TAMPICO, Mexico (AP) — Tropical Storm Alberto rumbled toward northeast Mexico early Thursday as the first named storm of the season, carrying heavy rains that left three people dead but also brought hope to a region suffering under a prolonged, severe drought.

STUTTGART, Germany — A dramatic stoppage-time goal saw Hungary beat Scotland 1-0 at the European Championship on Sunday to wreck its opponent’s hopes of reaching the knockout stage of a major tournament for the first time in its history.

HOUSTON  — Gerardo Arteaga scored from the edge of the penalty area in the 69th minute and Mexico beat Jamaica 1-0 on Saturday night in its Copa America opener.

SKOPJE, North Macedonia (AP) — North Macedonia's center-right leader secured parliamentary approval to lead a new coalition government in a vote late Sunday.

JERUSALEM — Leaders of major churches have accused Israeli authorities of launching a “coordinated attack” on the Christian presence in the Holy Land by initiating tax proceedings against them.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.