Chelsea and Todd Boehly have had yet another stark reality check as the true scale of their financial accounts is pieced together after the latest figures.
The Blues released the figures for the 2021/22 term, stating a £121.3m loss on the books. It is the third time in four years that the club have registered a loss of over £100m. Considering Boehly and Co have stated ambitions to reach a revenue of £1bn, which would be more than double the £481.3m from the season just past, it is a big challenge.
Furthermore, looking further back into the figures and Chelsea have already reached a landmark of that size, but not quite in the way the new owners were expecting. With their latest accounts, Chelsea's total losses since the Premier League's inaugral season have now gone past £1bn.
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Finance expert Kieran Maguire writes that the Londoners are the first team in the league's history to go over the £1bn pre-tax loss mark. The next closest 'challenger' is Manchester City with £714m of loss.
This, on top of the other financial indicators, only adds up to show just how far the new regime have to go to put Chelsea on the map in this sense.
“We think we have an incredible opportunity to double revenue," Clearlake Capital co-founder Jose Feliciano said last year. "We think we have one of the best media properties and sport properties in the world where we can get to a £1bn of revenue.”
The current market leaders in this respect are Man City, with over £200m more yearly revenue than Chelsea. Generating more from a new or expanded stadium as well as tapping into previous undervalued and appreciated commercial streams are always ways that the American businessmen are set to look to expand the Chelsea brand across the world.
The challenge has perhaps never been larger of harder to achieve.
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