Abramovich blamed for Chelsea’s £121m losses

Chelsea put losses of £121million in their latest financial records down to sanctions on former owner Roman Abramovich by the UK government.

The Blues posted their annual accounts, covering the 2021-22 season, showing significant losses in a period that included having to work under a special licence.

Abramovich was sanctioned by the UK government after Russia’s invasion of Ukraine in February 2022, believing he had close ties with president Vladimir Putin and freezing the assets of several individuals as a result.

That saw Chelsea forced to operate under a special licence, which restricted the club from selling tickets, accepting event bookings and signing contracts with players until Todd Boehly’s takeover was completed on May 30, 2022.

In a statement yesterday, Chelsea added that these sanctions would be felt again “in the following years”.

The Blues announced an overall net loss of £121.3m, though they confirmed they continue to meet the Premier League and UEFA’s financial regulations.