• Premier League

Chelsea positive on financial results

ESPN staff
January 31, 2011
Chelsea had a stellar year on the pitch in 2010 © Getty Images
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Chelsea have reported losses of over £70 million, but also stated that the club are cash positive.

The club revealed their financial results for the year end June 30, 2010 and have revealed that they had positive cash inflow of for the first time in the era of Roman Abramovich.

Cash inflow was £3.8m, compared to a loss of £16.9m in the previous year, while the total loss for the financial year was £70.9m and turnover rose from £203.3m to £205.8m.

Chelsea chief executive Ron Gourlay believes the figures show the Blues are well placed ahead of UEFA's financial fair play rules.

"The reduction in operating losses and increased sales in 2009/10 shows that we are moving in the right direction especially when viewed against the difficult macroeconomic environment," Gourlay said. "The club is in a strong position to meet the challenges of UEFA 'financial fair play' initiatives which will be relevant to the financial statements to be released in early 2013."

Chairman Bruce Buck said: "That the club was cash generative in the year when we recorded a historic FAPL and FA Cup double is a great encouragement and demonstrates significant progress as regards our financial results."

© ESPN Sports Media Ltd.
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