Chelsea are upbeat about their financial prospects, despite again recording huge losses.
Losses in the last financial year were reduced by seven per cent to £74.8m from £80.2m as group turnover up went up by 25 per cent from £152.8mto £190.5m, and gross turnover was £223.3 million.
Chelsea FC chief executive Peter Kenyon told the club’s official website: “These figures once again demonstrate that Chelsea is growing in strength as a business and as a club.
“I am delighted there has been such large increases in the major income streams. This has all been underpinned by our fundamental aim, success on the field, and this season we are looking to build on that again.
“Our long term target of operating profit break even by 2009/10 remains ambitious but we are determined to meet it or get as close as we can.
“In the meantime we have made good on our pledges of last year, hitting all of our aims. We have expanded globally as a club, we have reduced our salaries as percentage of turnover, we have continued to be successful on the field, we have increased sponsorship revenue and we continue to invest in our academy and reduce our reliance on transfers.
“With the company also being external debt free and our ownership clearly demonstrating continuing commitment to the long term, I am very confident about the future on a football and business level.”
