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Chelsea FC reports £70.9m annual loss
By Pete Hayman
Chelsea Football Club (CFC) is now 'cash positive' for the first time since being acquired by Roman Abramovich in 2003, despite reporting a £70.9m annual loss.
For the year to 30 June 2010, the Premier League club said amortisation of player transfer fees was the main reason between a positive cash flow and an operating loss. Group turnover grew from £203.3m to £205.8m compared with the previous year, while operating losses were reduced from £72.3m to £68.6m.
CFC published its financial results on the same day that the club spent an initial £68m on the signature of David Luiz and Fernando Torres.
Chelsea Football Club (CFC) is now 'cash positive' for the first time since being acquired by Roman Abramovich in 2003, despite reporting a £70.9m annual loss.
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