Kieran Maguire slams Chelsea after ‘huge’ news – names three agreed deals
The lack of detail in the financial accounts of Chelsea is disappointing considering the club suffered ‘huge losses’ last year.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about the London club’s latest financial report.
Chelsea released their financial report last Monday (27 March) on their official club website, announcing net losses of £121.3million.
The Blues cited increased operating expenses, matchday costs and increased staff costs as part of the reason behind their increased losses.
The accounts also mention the impact of sanctions placed on former owner Roman Abramovich, which saw the club’s accounts become frozen.
Maguire was left ‘disappointed’ at the lack of detail in the accounts but insists his own calculations place Chelsea within the Premier League’s Financial Fair Play limit.
“As always with financial accounts, the devil is in the detail,” Maguire told Football Insider.
“I’m disappointed at Chelsea – they could not be bothered to publish their full accounts as well as put out a press release when announcing losses of £121million.
“Those huge losses came after the sales of Marc Guehi, Tammy Abraham and Fikayo Tomori which generated profits of over £120million.
“We await the full details of the accounts with interest, but based on calculations Chelsea are well within the Premier League limit of £105million worth of FFP losses over a three-year period.
“That figure has obviously been adjusted for the impact of Covid-19.
“My estimates are that Chelsea probably have around £50-60million worth of FFP losses.“
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