Chelsea wage bill rises past £400million

14-04-2024 02:59 PM

Ammon News - Chelsea’s wage bill soared to more than £400million last season, the first full campaign under Todd Boehly and Clearlake Capital.

The club's latest set of accounts show that Chelsea recorded the second highest expenditure on salaries in the Premier League with their costs rising by 18 per cent to £404m. Only Manchester City saw greater costs in 2022/23 as they footed a £422.9m bill, likely exacerbated by major bonuses following Premier League, FA Cup and Champions League success.

In stark contrast, the Blues finished 12th in the Premier League and announced pre-tax losses of £90.1m in March. That is a reduction on the previous years’ loss of £121.4m.

Accounts revealed that Chelsea paid £747m on transfers up until June 30, 2023, while player sales saw £203m return on stars who had initially cost the club £592m. Amortisation and accountancy regulations ensures that shows as a profit of £63m.

That saw the sales of Ruben Loftus-Cheek, Mateo Kovacic and Kai Havertz included as Todd Boehly and co look to remain compliant with Premier League profit and sustainability rules (PSR) which state clubs can not make a loss greater than £105m over a three-year period.

Costs related to club infrastructure and the academy, among a number of other areas, can be discounted from this figure. And that saw Chelsea remarkably help to reduce their losses by completing a £76.5m property deal with a subsidiary of the club’s holding company, BlueCo, which majorly helps them to remain compliant with profitability and sustainability rules.

Chelsea said in its accounts that two hotels were sold by the group to Blueco 22 Properties Limited “a fellow subsidiary to the intermediate parent company Blueco 22 Limited”. The two hotels on the Fulham Broadway side of the Stamford Bridge site – the Millennium and the Copthorne – were part of a large property portfolio that came as part of the deal to buy the club.

The Mirror

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