‘Chelsea are on the financial abyss’ – Devastating update from top source
Everton’s former chief Keith Wyness has claimed “the red lights are starting to flash” at Chelsea after a £44million drop in revenue last season.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 67-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – insisted Champions League qualification for next season is of paramount importance to the Blues.
As per analysis in Deloitte’s 2025 Money League (23 January), Chelsea’s overall revenue fell from £513million in 2022-23 to £469million last season.
The club’s wage bill dropped from £404million to £334million in 2023-24 but they are still spending 72% of turnover on salary – far more than their traditional ‘big six’ rivals.
Enzo Maresca’s side, who are playing in the Uefa Conference League this term, sit sixth in the Premier League with five English clubs likely to qualify for next season’s Champions League.
Chelsea’s spending shows no sign of slowing down despite the drop in revenue, with the Blues reportedly set to swoop for Bayern Munich’s Mathys Tel before the transfer deadline on 3 February.
Chelsea need Champions League football after £44m blow, says Wyness
Wyness told Football Insider‘s Insider Track podcast: “Looking at Chelsea’s spending on wages as a proportion of turnover, it’s now at 72%.
“The red lights are starting to flash, they are right on the edge.
“They’re starting to see the spending coming back to haunt them.
“We’ve seen players like Mykhailo Mudryk not really materialising, and that long-term strategy is coming home to roost right now.
“They will have also hoped to have regular Champions League football.
“They’ve got a chance of making it this year, but they’ll have to really fight.
“It’s so important going forward, and I’m sure the owners know that.”
In other news, Chelsea have “£50million” hole in their accounts – expert.
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