Blues cut their losses

19 February 2007 08:09
Chelsea have announced losses of £80.2million for the financial year ending June 2006, a reduction of £60million from the previous 12 months. The Premiership champions confirmed a rise in turnover of just over two per cent to £150million and chief executive Peter Kenyon is happy that the figures have moved in the right direction. He told the club's official website: "These figures demonstrate that the business is moving in the right direction with increases and growth in all the major income streams. "That positive trend will only continue as, for example, this year end does not take into account the benefits of our Adidas deal. "Last year we took some painful decisions in order to help us achieve our long-term business aims. This year's figures prove that was the correct decision. "With increasing sponsorship income, television revenue and ongoing success on the field, those positive trends are projected to continue." The club's director of public affairs, Simon Greenberg, added that the days of big-money transfers are mostly in the past. He told BBC Radio Five Live: "You can never say never, but it would be an exception. "We would hope not to have to go to that level and that our academy would bear fruit in the near future."

Source: ESA