Chelsea
have announced losses of £70.6m for the year ending June 30, although the
club's turnover was higher than ever.
Turnover of £329.1m eclipsed the £314.3m for the previous 12 months and
resulted in a £4.7m profit before exceptional costs despite Chelsea's
10th-placed Premier League finish.
But a £40m penalty for cancelling a kit deal with Adidas and compensation
paid to sacked manager Jose Mourinho contributed to £75.3m in exceptional
costs and meant a significant overall loss.
The Adidas deal has since been replaced by a partnership with Nike which is
the biggest commercial deal in the club's history, and a Chelsea statement
said next year's results would reflect an agreement worth £60m a season for
the next 15 years.
Chairman Bruce Buck said: "The fact Chelsea Football Club recorded our
highest revenues in a season when on-pitch performance was disappointing is
a credit to our hard-working, dedicated staff and the robust business they
have helped build.
"It has long been our aim for the business to be stable independent of the
team's results and we continue to reinforce that."
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