sport

Chelsea upbeat despite loss

Chelsea remain confident that they will meet UEFA's Financial Fair Play regulations despite a near 50million loss for the last financial year.

The results for the year ending June 30, 2013, show a record 255.8m turnover - the fourth successive year it has increased - despite the club's elimination from the Champions League at the group stage last season.

Chelsea enjoyed a 19 per cent rise in commercial income from 67m to 79.6m as they won the Europa League, although a reduction in income from the success of winning the previous year's Champions League contributed to the 49.4m loss.

Despite that, Jose Mourinho's side will satisfy FFP regulations as the two-year monitoring period includes the 1.4m profit made in the 2011/12 season.

The Blues also see around 15m knocked off their overall loss in add backs, which includes infrastructure costs, youth development costs and charitable donations amongst other outgoings.

That brings Chelsea's losses for the period to approximately 34m, falling under the FFP threshold of 37.5m.

Financial stability

Chelsea chairman Bruce Buck said: "From the very beginning of the current ownership of Chelsea, a long-term objective was financial sustainability, and the subsequent implementation of Financial Fair Play by UEFA and by the Premier League has brought that to the top of the agenda for football clubs.

"We are pleased therefore that we will meet the stipulations set down by UEFA in their first assessment period, and by our own analysis we are progressing from a commercial viewpoint as well as continuing to add trophies to our collection, which we never lose sight of as our most important goal."

The next financial year's results will be boosted by, amongst other things, a new 10-year kit deal worth 300m.

Chief executive Ron Gourlay added: "For Chelsea to achieve a record level of turnover despite our first group-stage elimination from the Champions League shows we have structured our business and are growing in the correct way for long-term stability.

"Our philosophy is we build upon success on the pitch and although in these financial results we haven't repeated the sizeable profits made the previous year from player transfers, we believe the age profile of the existing squad means we will benefit from that investment for many years to come.

"A successful team builds awareness around the world and our increased commercial revenues in 2012/13 and new or extended partnership deals demonstrate we are working hard to capitalise on that."