Premier League giant Chelsea is still feeling the effects of sanctions against its previous owner.
In its annual financial results report, Chelsea FC Holdings Limited reported a net loss of almost $149 million for the fiscal year ending June 30, 2022.
The blame is primarily chalked up to previous Russian owner Roman Abramovich, the subject of sanctions by the U.K. government over his ties to Vladimir Putin after Russia’s invasion of Ukraine in March 2022.
As a result, the club had to operate with a special license — which placed restrictions on ticket and merchandise sales, event bookings, and contracts with players, coaches, other staff, and commercial sponsorship partners — until the club was sold to American businessman Todd Boehly in May 2022 for a record $5.4 billion.
Still, the club enjoyed some financial success.
Chelsea’s turnover figure increased to $591.4 million from $534.4 million the year before. It also reported a profit of $151.4 from player trading after spending $145 million on the squad during the fiscal year.
The next player bill is bound to be much higher, as the Boehly-led Chelsea accounted for 37% of a record $1 billion spent by Premier League clubs during the January transfer window.
Despite the losses and expenditures, the club says it will continue to comply with Premier League and UEFA financial regulations.