Todd Boehly breaks silence on the club’s possible financial rule breach and says that Chelsea will meet the financial conditions of the Premier League
Todd Boehly, the owner of Chelsea, is optimistic that his team won’t violate the Premier League’s Profit and Sustainability Rules (PSR), even if the team’s most recent financial statements indicate losses of £89.1 million ($111 million) for the fiscal year that concludes in June 2019.
According to Premier League regulations, a team can only lose £105 million in total over three years. This season, Everton and Nottingham Forest got a penalty of points for going over this limit.
Chelsea recorded a profit of £36 million in the 2019–20 season, but their £121.4 million losses from the previous year will not be factored into the PSR calculations when they are released in December.
Boehly said:
“The club continues to balance success on the field together with the financial imperatives of complying with UEFA and Premier League financial regulations, the club has complied with these since their inception in 2012 and expects to do so in the foreseeable future.”
After Boehly took over the team in May 2022, the West London team’s player acquisitions have come under intense scrutiny. As a result, Sky Sports pundit Gary Neville referred to the team’s purchases as “billion-pound bottle jobs” after they lost to a young Liverpool team in the Carabao Cup final in February.
Although £745.2 million was spent on talent during the 2022–2023 fiscal year, the records indicate that an additional £454.1 million spent on players since then, including the additions of Moises Caicedo, Romeo Lavia, and Cole Palmer.
Attempt to balance the books
In that period, Chelsea has also raised funds by selling players. Notable examples include the trade of Kai Havertz to Arsenal, Kalidou Koulibaly to Al Hilal of the Saudi Pro League, and Timo Werner to RB Leipzig.
The reports also indicate that if Chelsea hadn’t sold hotel assets to its parent firm BlueCo for £76.3 million, the losses for 2022–2023 would have been worse. These sales were truly necessary.
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The accounts come off the back of data from the Football Association that showed Chelsea spent more money on agent fees than any other club in the Premier League, paying £75m to intermediaries. But now Chelsea is coming back on track step-by-step as targeting a few of their players for sale this summer. The club has a final limit till 30th June and has to balance the books till then.