ManlyBacker
Winging it
Chelsea lost GBP70.9 million ($A113.5 million) last season despite winning the Premier League and FA Cup.
The west London club says turnover increased by 1.2 per cent to GBP205.8 million ($A329.54 million) and that a reduction in the value of its squad was the main reason for the loss.
But announcing financial results for the 12 months to June 30, 2010, Chelsea chief executive Ron Gourlay said the club 'is in a strong position to meet the challenges of UEFA 'financial fair play' initiatives.'
UEFA will ban clubs from European competitions from 2012 if they go into debt on football-related business.
Russian billionaire Roman Abramovich has bankrolled Chelsea since his 2003 takeover, earning three English titles and three FA Cups.
http://www.bigpondsport.com/chelsea-loses-millions-despite-victories/tabid/91/newsid/66944/default.aspx
The west London club says turnover increased by 1.2 per cent to GBP205.8 million ($A329.54 million) and that a reduction in the value of its squad was the main reason for the loss.
But announcing financial results for the 12 months to June 30, 2010, Chelsea chief executive Ron Gourlay said the club 'is in a strong position to meet the challenges of UEFA 'financial fair play' initiatives.'
UEFA will ban clubs from European competitions from 2012 if they go into debt on football-related business.
Russian billionaire Roman Abramovich has bankrolled Chelsea since his 2003 takeover, earning three English titles and three FA Cups.
http://www.bigpondsport.com/chelsea-loses-millions-despite-victories/tabid/91/newsid/66944/default.aspx