Chelsea posted English football's biggest annual loss, £355m, on a £1.52B squad

Chelsea recorded a pre-tax loss of £355m for 2024-25, according to figures released by Uefa and reported by BBC Sport on 26 February 2026. It is the highest annual loss by an English club and the second highest in European history, behind the £484m Barcelona lost in 2021. The Uefa report does not break the loss down, so the BBC pieced together clues from the figures.

Revenue was £511m, against £746m at Manchester City and £744m at Liverpool. Stamford Bridge holds 41,798 and is only the 11th-biggest ground in the Premier League. Commercial revenue was £207m, £165m below City, and merchandising was £83m. Only broadcast income, boosted by the Club World Cup, was strong at £192m.

Costs went the other way. Chelsea paid its players £388m, £43m more than the year before, employed 1,169 full-time non-playing staff, the most of any English club, and saw operating costs rise from £159m to £240m. Uefa put the cost of the playing squad at £1.52bn, the most expensively assembled in football history. Many players are on long-term contracts so that their transfer fees are amortised over more years, but Uefa noted that English clubs' amortisation costs are weighing on profitability.

£355m pre-tax loss in 2024-25, the highest ever by an English club, on £511m revenue.

Revenue of £511m trailed City and Liverpool by more than £230m, held back by a smaller stadium and lower commercial and merchandising income.

Wages rose by £43m to £388m, and the club carried the largest non-playing workforce in English football.

Operating costs jumped from £159m to £240m in a year.

A £1.52bn squad built on long contracts keeps large amortisation charges on the books each year.

Buying the biggest squad does not buy the biggest revenue. Costs that are spread over long contracts still land on the accounts every year.

Chelsea sources told the BBC that asset impairments, settlements tied to historical regulatory matters and the exit of legacy contracts contributed to the loss. They said the club remains profitable on an operating basis, believes it will comply with Uefa's rules and denies it will have to sell star players. The club had already received a substantial fine the previous summer for breaching spending rules, remained under Uefa scrutiny and could face further fines under its settlement if it is not compliant.