Chelsea’s owners have recorded more than £1billion in losses over two years, according to their accounts.
Listings from BlueCo 22 Ltd – released on Monday by Companies House – reveal net losses of £619m in the year until June 2025, on top of £402.6m the previous year.
Although the losses do not have direct implications for Chelsea’s PSR constraints, the significant sum will raise questions about BlueCo 22 Ltd's spending on its three main ventures: Chelsea FC (CFC), Chelsea FC Women (CFCW) and Strasbourg in France.
The group says a loss before tax for the year of £630.1m, on top of a 2024 amount of £430.3m, is driven by investment in the playing squads of Chelsea Men's, Chelsea Women's and Strasbourg.
For the year, the group reported revenue of £536.5m (up from £523.1m), driven by commercial, broadcasting, and matchday income from Chelsea and Strasbourg.
The group reports net assets at the end of the year of £1.24bn (down from a 2024 figure of £1.39bn) and net current liabilities of £484.1m (down from a 2024 total of £522.1m).
As revealed on April 1, Chelsea Men’s losses for the year before taxation was £262.4m, compared to a profit of £128.4m for the previous year.
The group say this movement is primarily due to a profit on the sale of a subsidiary to a fellow group undertaking, worth £198.7m and recognised in the prior year, “which is eliminated at a group level”.
This was the sale of the women’s team from Chelsea FC to BlueCo 22 Ltd – and the accounts reveal their stadium at Kingsmeadow was also sold to the parent company.
Chelsea Women recorded a pre-tax loss of £17.1m, up from £8.4m the previous year, while turnover increased by £9.8m, offset by an £18.6m increase in operating costs – all while winning the Women’s Super League.
Strasbourg recognised a pre-tax loss of £65.8m compared to just £8.4m the previous year, “caused principally by continued significant investment in the playing squad”, accounts say, while turnover also decreased from £57.7m in 2024 to £24.2m in 2025.
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