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Chelsea finally make a profit for Abramovich

Chelsea revealed it made a profit of £1.4m for the financial year ending on 30 June, the first time the club has made a profit since Russian billionaire Roman Abramovich took over as owner in 2003. The West London club also recorded a record group turnover of £255.7m.

The team won the Champions League last season as well as the FA Cup.

The profit comes after a £67.7m loss in the previous financial year.

Chelsea says it is in a strong position to comply with UEFA's Financial Fair Play criteria for the coming seasons.

The increase in turnover puts them above Arsenal in the money league and in fifth place in the world behind Real Madrid, Barcelona, Manchester United and Bayern Munich.

Club chairman Bruce Buck said: "We will never forget that night in Munich and now we are celebrating serious progress off the field, too.

"While we draw huge satisfaction from the achievements of the past 12 months, we are more than ever focused on continuing the story of on-field success supported by improving financial performance off the pitch."

"The club also enjoyed an uplift in revenues from commercial activities including new partners and merchandising," a Chelsea statement said.

It added: "The club also negotiated a deal with BSkyB to acquire its interest in Chelsea Digital Media Ltd (the holder of certain Chelsea media rights). This deal allows the club to have full control of our digital media strategy."

The Stamford Bridge club's statement also said that debt of some £166.6m was turned into equity during the course of the year "making Chelsea FC plc debt free".

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Dave Williams

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