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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.

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