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.
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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.
Chelsea's US owner Todd Boehly reacts ahead of the Champions League quarter-final second-leg football match between Chelsea and Real Madrid at Stamford Bridge in London on April 18, 2023. (Photo by Glyn KIRK / IKIMAGES / AFP) (Photo by GLYN KIRK/IKIMAGES/AFP via Getty Images) (GLYN KIRK/IKIMAGES/AFP via Getty Images)Despite it remaining unlikely that the west London club will make it into Europe this season, they insist that they do not expect to have any issues with PSR. While still able to rely on income from the Champions League during this period, the club saw turnover increase to £512m from £481m as matchday and commercial revenue improved.
There remains business required to be done before the end of June 2024, with the club having spent a further £454m on transfers in a summer of big spending. The £55m sale of Mason Mount will contribute to the 2023/24 accounts as the club look to offset spending on the likes of Moises Caicedo. Conor Gallagher's future remains in major question.
On Friday, it was announced Chelsea spent £75.1m on agents’ and intermediaries’ fees in the 12 months up to February 1, having brought in players like Caicedo, Christopher Nkunku, Romeo Lavia, Nicolas Jackson and Cole Palmer over the period covered – almost £32m more than previously spent.
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