Chelsea Football Club have recorded its highest ever revenue, despite how poorly the team performed last season.
The official Chelsea website reports: Chelsea FC plc today announced our annual financial results for the year ended 30 June 2016 with the club’s highest turnover figure recorded and a profit of £4.7m before exceptional costs.
The group turnover figure of £329.1m was up five per cent on last year’s figure of £314.3m, generating a £4.7m profit before exceptional costs. The club incurred exceptional costs of £75.3m, a significant part of that as a result of a compensation fee payable for early termination of the club’s contract with adidas, resulting in a net loss for the year of £70.6m after exceptional costs.
About the development, Chelsea chairman Bruce Buck said: “The fact Chelsea Football Club recorded our highest revenues in a season when on-pitch performance was disappointing is a credit to our hard-working, dedicated staff and the robust business they have helped build.
“It has long been our aim for the business to be stable independent of the team’s results and we continue to reinforce that.”