Chelsea confirm £32.5m profit despite Covid-19 hit on revenue

Chelsea recorded a profit of 32.5 million pounds ($44.44 million) in the last financial year despite the economic impact of the Covid-19 pandemic, the Premier League club said.

Chelsea said turnover for the year ended June 30, 2020 was 407.4 million pounds, down from 446.7 million pounds in the previous year.

But the west London club were able to post a profit off the back of their qualification to the Champions League and money made from player sales.

Chelsea sold Belgian winger Eden Hazard to Real Madrid last summer in a deal worth a reported 100 million euros ($122.12 million)and also offloaded Ola Aina, Tomas Kalas and David Luiz among others.

Broadcasting revenues decreased by 17.6 million pounds, while matchday revenues fell 12.2 million pounds due to the suspension of the season.

But the impact of the pandemic was partially offset by reduced matchday costs due to the postponement of fixtures.

Chelsea also said they were on track to post a record profit and record turnover had the pandemic not hit their finances.

"In common with many businesses, the pandemic has had a significant impact on Chelsea's income but it is a sign of the strength and stability of our financial operation that the company was still able to post a profit," Chairman Bruce Buck said.

"Despite the impact of COVID, the revenue streams remained strong, our team is developing on the pitch and the club is in a good position to continue to grow when football is able to operate as it did previously."

Chelsea, who are sixth in the table with 26 points from 16 games, host Manchester City on Sunday.