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Todd Boehly Chelsea Stamford BridgeGetty/GOAL

Chelsea set record with highest pre-tax loss in English history as huge €407m deficit is revealed

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There is a 30-day money-back guarantee for new users. The plan is available on a one-month rolling contract, although those that sign up for a 12-month plan (offering one year plus an extra three months) can save more than 60%, while those that sign up for a two-year plan (offering two years plus an extra four months) can save 80%.


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Advanced protection across 11 devices with high-speed VPN
ExpressVPN

Advanced

Those that sign up for ExpressVPN's most popular plan, the Advance plan, gain access to a high-speed VPN, which offers high-capacity 40Gbps servers in many high-demand locations, with VPN servers in 113 countries worldwide.

The VPN can be applied across 12 different devices simultaneously, and offers Advanced Protection that blocks ads, trackers and malicious and adult websites. A dedicated IP is available to be purchased as an add-on.

Additionally, ExpressVPN's Advanced plan includes the ExpressMailGuard, which offers a 100MB/month private email relay plus 50 shared aliases and a custom domain, and ExpressKeys, which gives users a password management facility for an unlimited number of passwords plus a 2FA authenticator.

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Over 28 monthsSave 73%
Protect 14 devices with the top ExpressVPN plan
ExpressVPN

Pro

Those that sign up for ExpressVPN's top-tier Express Pro plan gain access to a high-speed VPN, which offers high-capacity 40Gbps servers in many high-demand locations, with VPN servers in 113 countries worldwide.

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Additionally, ExpressVPN's Advanced plan includes the ExpressMailGuard, which offers an unlimited private email relay plus an unlimited number of shared aliases and 20 custom domains, ExpressKeys, which gives users a password management facility for an unlimited number of passwords plus a 2FA authenticator, and ExpressAI, an AI assistant that offers 500 credits a day, six AI models, a web search facility plus 2GB storage.

There is a 30-day money-back guarantee for new users. The plan is available on a one-month rolling contract, although those that sign up for a 12-month plan (offering one year plus an extra three months) can save around 60%, while those that sign up for a two-year plan (offering two years plus an extra four months) can save 67%. Both longer-term plans include a 3GB holiday.com eSIM that is valid for five days in 150+ destinations.


Over 28 monthsSave 67%
Protect 10 devices with high-speed VPN
ExpressVPN

Basic

Those that sign up for ExpressVPN's entry-level Basic plan gain access to a high-speed VPN, which offers high-capacity 40Gbps servers in many high-demand locations, with VPN servers in 113 countries worldwide.

The VPN can be applied across 10 different devices simultaneously, and offers Lite Protection that blocks ads and malicious and adult websites. A dedicated IP is available to be purchased as an add-on.

Additionally, ExpressVPN's Basic plan includes the ExpressMailGuard, which offers a 10MB/month private email relay plus 10 shared aliases.

There is a 30-day money-back guarantee for new users. The plan is available on a one-month rolling contract, although those that sign up for a 12-month plan (offering one year plus an extra three months) can save more than 60%, while those that sign up for a two-year plan (offering two years plus an extra four months) can save 80%.


Over 28 monthsSave 80%
Advanced protection across 11 devices with high-speed VPN
ExpressVPN

Advanced

Those that sign up for ExpressVPN's most popular plan, the Advance plan, gain access to a high-speed VPN, which offers high-capacity 40Gbps servers in many high-demand locations, with VPN servers in 113 countries worldwide.

The VPN can be applied across 12 different devices simultaneously, and offers Advanced Protection that blocks ads, trackers and malicious and adult websites. A dedicated IP is available to be purchased as an add-on.

Additionally, ExpressVPN's Advanced plan includes the ExpressMailGuard, which offers a 100MB/month private email relay plus 50 shared aliases and a custom domain, and ExpressKeys, which gives users a password management facility for an unlimited number of passwords plus a 2FA authenticator.

There is a 30-day money-back guarantee for new users. The plan is available on a one-month rolling contract, although those that sign up for a 12-month plan (offering one year plus an extra three months) can save more than 60%, while those that sign up for a two-year plan (offering two years plus an extra four months) can save 73%. Both longer-term plans include a 3GB holiday.com eSIM that is valid for three days in 150+ destinations.


Over 28 monthsSave 73%
  • Only Barcelona have topped Chelsea's losses

    The European Club Finance and Investment Landscape report, which is published on an annual basis, details the 10 clubs that suffered the greatest financial losses over any given season. Chelsea fill an unfortunate position at the top of that chart.

    The Premier League has never seen numbers like this before, with only La Liga giants Barcelona - whose finances were impacted by the Covid-10 pandemic - seeing bigger losses as they hit €555m (£484m/$655m) in 2020-21.

  • Government Threatens Former Chelsea FC Owner Roman Abramovich With Court Action Over Release Of Frozen Assets For UkraineGetty Images News

    Why Chelsea's losses continue to rise

    Chelsea’s losses have topped £200m ($271m) across four successive seasons, with declining revenues being offset against ever-increasing costs. A source has told The Athletic that “Chelsea’s huge loss last season was, like Barcelona’s before them, driven by significant non-cash, accounting entries”. The Blues were also stung by a €31m (£27m/$37m) fine from UEFA for breaching the financial rules put in place by European football’s governing body.

    The Athletic’s source claims that “the huge deficit was reflective of neither the club’s underlying operating performance nor how finances will look in the current and future seasons”. Those in west London are said to have been “tidying up historic issues, with several high-cost, one-off items booked into the same financial reporting period”.

    Chelsea’s finances are said to be difficult to read as they have engaged in several transactions that “land in the gaps between UEFA and the Premier League’s respective financial regulations”. Deals of that kind include the sale of the club’s women’s team, two hotels and a car park.

  • Will Chelsea face any penalties?

    The Blues’ rolling losses over a three-year period have reached €622m (£542m/$735m) - a figure which sits well above the €60m (£52m/$71m) permitted by UEFA’s Football Earnings rule. It is, however, claimed that financial-related penalties will be avoided.

    Chelsea have entered into an agreement with UEFA that allows them to operate in line with “the projected deficit submitted in the business plan” - meaning that losses must be kept inside figures that were previously signposted.

    The Athletic’s source maintains that the Blues have not breached Profit and Sustainability Rules (PSR) for 2024-25 that exist in the Premier League, which steers them clear of any potential points deductions.

    Said source stated that “the club is confident it is operating in line with the terms of the settlement agreement and other financial rules, citing improved underlying performance and, among other things, significant player sales”. Chelsea raised roughly £300m ($407m) in the summer transfer market of 2025.

    The Athletic go on to report 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 Premier League giants expect to “comply with financial rules both at home and abroad, aided by revenues which will grow this season, not least because of a return to Champions League football”. Elite European competition is said to have earned the Blues roughly £80m ($108m) in prize money this season - as they have made their way into the last 16.

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  • Liam Rosenior Chelsea 2025-26Getty

    Blues building towards a bright future

    Chelsea have spent heavily on new recruits during Clearlake Capital’s ownership era, with lengthy contracts being handed out to superstar arrivals. Many of those deals have been completed with one eye on the long-term future.

    There has been more managerial change at the Bridge this term, with Conference League and Club World Cup-winning coach Enzo Maresca being ushered through the exits early in 2026, and Liam Rosenior is now being charged with the task of delivering consistency on the field that will ultimately aid efforts to restore stability off it.