Chelsea have recorded the highest pre-tax losses in Premier League history as the club announce a loss of £262.4 million ($349.1m) for the year ending June 30, 2025.
The loss was attributed by the club to higher operating costs compared to the 2023-24 season, and smashed the previous highest pre-tax loss posted by Manchester City in the 2010-11 season.
Chelsea posted a profit of £128.4m ($170.8m) in the previous year’s accounts, boosted by the sale of the women’s team to Blueco Midco — a subsidiary company — for almost £200m ($266.3m).
A UEFA report published in February put Chelsea’s 2025 losses even higher — at €407m (£355m) — but sources close to the club said that was due to the differing reporting requirements of European football’s governing body.
General view inside the stadium of Chelsea’s Stamford Bridge. (Photo by Mike Hewitt/Getty Images)
Later on Wednesday the Football Association published its annual report examining what clubs spent on agents’ fees in 2025-26.
Chelsea spent by far the most of any Premier League club — £65.1m. Aston Villa were the next biggest spenders on £38.4m, with English top-flight clubs spending £460.3m in total.
Sources close to the club say the agents’ fee figure was high in part due to the club making record Premier League sales during last summer’s transfer window — fees are still paid even by the selling club.
Chelsea reported revenue of £490.9m, the second-highest on record for the Blues. This included some of the money earned from last summer’s triumphant Club World Cup run, the club said.
Despite the record loss, Chelsea were deemed compliant with the Premier League’s profitability and sustainability rules (PSR) for the three-year period ending 2024-25.
The rules allow for maximum losses of £105m over three years, but some of the losses clubs post in their financial reports can be added back under PSR — spending on infrastructure, youth development and women’s football for instance. It is understood certain ‘add backs’ meant Chelsea were compliant.
Sources close to Chelsea are believed to be confident the club are now fully structured to comply with all regulatory requirements, and expect to remain compliant.
That is understood to include compliance with UEFA’s football earnings rule. Last July, Chelsea were fined €20m (equating to £17.3m at the time) for breaching the rule, with a further fine of over £50m payable if compliance was not achieved over a four-year period.
