Chelsea, one of the Premier League's most prominent teams, has set an unwanted record by posting the highest pre-tax losses ever seen in English football. The Blues' accounts for 2024-25 reveal a staggering €407 million (£355m/$481m) deficit during their third season under Clearlake Capital and Todd Boehly.
According to the annual European Club Finance and Investment Landscape report, which details the ten clubs that suffered the greatest financial losses over any given season, Chelsea holds an unfortunate position at the top of that chart. This is a first for Premier League history; only La Liga giants Barcelona have seen bigger losses - €555m (£484m/$655m) in 2020-21 due to impacts from Covid-19 pandemic.
Chelsea’s losses have exceeded £200m ($271m) across four successive seasons. Declining revenues being offset against ever-increasing costs are primarily responsible for this trend. A source told The Athletic that “Chelsea’s huge loss last season was driven by significant non-cash, accounting entries”. Additionally, UEFA fined Chelsea €31m (£27m/$37m) for breaching financial rules put in place by European football’s governing body.
The source also stated that “the huge deficit was reflective of neither the club’s underlying operating performance nor how finances will look in current and future seasons”. It seems those at west London were addressing historic issues with several high-cost items booked into one financial reporting period.
Complex financial transactions
Chelsea's finances are reportedly difficult to decipher due to several transactions falling between UEFA and Premier League's respective financial regulations. These include sales such as those of their women's team, two hotels and a car park.
Despite Chelsea's rolling losses over a three-year period reaching €622m (£542m/$735m) - well above the €60m (£52m/$71m) permitted by UEFA’s Football Earnings rule - it is claimed that financial-related penalties will be avoided. The Blues have entered into an agreement with UEFA to operate in line with “the projected deficit submitted in the business plan”.
The Athletic’s source maintains that Chelsea has not breached Profit and Sustainability Rules (PSR) for 2024-25, which exist in the Premier League, thus avoiding potential points deductions. Chelsea raised approximately £300m ($407m) in the summer transfer market of 2025. The Athletic reports that “the large 2024-25 loss was not representative of Chelsea’s finances moving forward and is instead the end product of a period of business rationalisation”.
The club expects to comply with financial rules both domestically and internationally, aided by growing revenues this season due to their return to Champions League football. This elite European competition has reportedly earned them roughly £80m ($108m) in prize money this season as they advanced into the last 16.
