Chelsea have announced (Losses of £74.1m for 2007 (This is madness)

[SHERLZ6899]

I work for a major financial broker & have direct access to these figures, Is it just me that thinks this is madness & how long can Abramovich carry this on for ???

United made £60.65m Profit (PRE TAX)
Arsenal £51.42m

The entire PREMIERSHIP Didn't lose this much !!!

What do you think ??

[SALFORD RED]

http://www.telegraph.co.uk/sport/main.jhtml?view=DETAILS&grid=&xml=/sport/2008/02/21/ufnchelsea121.xml

Chelsea losses: Abramovich spend tops £500m

Chelsea's aim of breaking even as a business by 2010 looked more remote than ever today after the club announced it made a loss of £74 million in the financial year to the end of June 2007.

Although the accounts show the club reduced their losses from £80.2m in 2005/2006 - thanks mainly to reduced spending on new players - chief executive Peter Kenyon admitted the target of balancing the books in the next two years looked "ambitious".

He added, however, that the club was "determined to get as close as we can."

The latest loss, while some way short of the record £140m announced by Chelsea in 2004/2005, takes owner Roman Abramovich's total investment in the club to an eye-watering £578m since he bought the club in a £140m deal in 2003.

But Chelsea reiterated the Russian billionaire's long term commitment to the club and added they were still working on ways to expand their 42,000 capacity Stamford Bridge home to help them compete with Manchester United and Arsenal.

"These figures demonstrate that Chelsea are growing in strength as a business and as a club," said Kenyon. "We have expanded globally as a club, we have reduced our salaries as a percentage of turnover, we have continued to be successful on the field, we have increased sponsorship revenue and we continue to invest in our academy and reduce reliance on transfers.

"With the company also being debt free and our ownership clearly demonstrating continuing commitment to the long term, I am very confident about the future on a football and business level."

Chelsea's losses since the Abramovich takeover
2003/2004 £87.8m
2004/2005 £140m
2005/2006 £80.2m
2006/2007 £74.8m
Total losses £382.8m

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[conor myles]

Spend all you want abro you will win nutn with chelsea

[versa]

Just waiting for the day when Abramovich gets sick and tired of his not-inexpensive hobby and realises that money ALONE does not guarantee success.

Should be fun and a slap for Peter Hypocrite Kenyon.

;) :D :D :D

[Andreas_svan]

If you give Ballack 142000£ a week, i understand why. Abro don't care really, that's why he " over spend " I bet all player besides Cech & Terry and maybe lampard dont deserves their weekly wage.

[eoininho]

funny thing is they're quite pleased about this!!!

[spellbound]

You dont get a lot for your rubles in London:eek:

[The_Red_Prince]

i believed chelsea were a spent force.Money can build a great team,but it alone cant bring u success

[akash_reds]

this is absolute madness........spending helped chelsea win two league titles...1 fa cup,1 league cup....but that cant compensate for that much loss......Abrahmovic should understand this and leave chelsea!!!!!!!

[haggler]

the madness for me is paying 30 million for player with zero sell on value such as ballack/shevchenko . both of them have 4 years max left at top and fees should have reflected that but as it was chelsea wanting instant returns they paid it add in 270000 a week wages and 30 grand a week employers ni on top of that and the small stadium they play in as well .

recipe for disaster in any properly functioning business but abramovich can just write a cheque and clear debts anytime he wants