Source: Daily_Mail
Chelsea in the red again as champions post £71m loss
Chelsea have posted another enormous loss, despite a successful Double-winning season.[LNB]The Blues lost ?70.9m last season despite winning both the Premier League title and FA Cup.[LNB]Announcing financial results for the 12 months to June 30, 2010, Chelsea said turnover increased by 1.2 percent to ?205.8m but that a reduction in the value of its squad was the main reason for the loss.[LNB] Champions: But Chelsea have still posted an enormous loss[LNB]Chelsea chief executive Ron Gourlay highlighted the fact that the club has become cash positive, with a surplus of ?3.8m, compared to an outflow of ?16.9m for the previous season.[LNB]'The reduction in operating losses and increased sales in 2009-10 shows that we are moving in the right direction, especially when viewed against the difficult macroeconomic environment,' Gourlay said. 'The club is in a strong position to meet the challenges of UEFA 'financial fair play' initiatives, which will be relevant to the financial statements to be released in early 2013.'[LNB]UEFA will ban clubs from its European competitions, including the lucrative Champions League, from 2012 if they go into debt on football-related business.[LNB]'That the club was cash generative in the year when we recorded a historic FAPL and FA Cup double is a great encouragement and demonstrates significant progress as regards our financial results,' chairman Bruce Buck said.[LNB] [LNB]Russian billionaire Roman Abramovich has bankrolled Chelsea since his takeover in 2003, during which time the Blues have claimed three league titles and three FA Cups.[LNB]In 2009, he converted ?340m of interest-free loans into equity to make the club debt-free.[LNB]Chelsea's chances of retaining its Premier League title have been hit by a dreadful run of results.[LNB]And finances will be hit further if they manage to complete their signing of Liverpool superstar Fernando Torres for ?50m.[LNB] Liverpool set to accept British record ?50m bid for Torres from ChelseaWhy does Torres want to leave? The Reds just don't win enough trophies, insists former star Garcia[LNB] [LNB] Explore more:People: Roman Abramovich, Fernando Torres, Bruce Buck Places: Liverpool
