Chelsea say government sanctions forced on previous proprietor Roman Abramovich were a figure the club’s misfortunes of £121.3 million ($148.8 million) for the 2021/22 season.
Following Russia’s invasion of Ukraine in March of last year, the British government imposed sanctions on Russian billionaire Abramovich.
Ministers referred to him as a member of President Vladimir Putin’s inner circle.
Chelsea was given a special license that made it difficult for them to sell tickets, take reservations for events, or even sign contracts with players.
The restrictions remained in place until a new group led by American businessman Todd Boehly completed its takeover of the club on May 30 of that same year.
In spite of the sanctions, Chelsea reported in a statement on Monday that revenue had increased to £481.3 million from £434.9 million the year before. Revenue from commercial sales rose to £177.1 million.
Chelsea’s reported spending on new players during the previous two transfer windows, which totaled approximately £600 million, is not included in the financial results.
According to the results for the years 2021/22, £118 million was spent on the playing team, including renegotiations of existing player contracts. On the other hand, a profit of £123 million was made on the sale of players like Kurt Zouma, Tammy Abraham, Marc Guehi, and Fikayo Tomori.
Chelsea said they kept on following UEFA and Premeir League guidelines in spite of the misfortunes and the effect of the authorizations.
The club stated that the sanctions would also have an effect on financial results “in the following years.”
After a recent uptick in form under manager Graham Potter, Chelsea is currently ranked 10th in the Premier League table.