Chelsea have recorded the largest pre-tax loss in English football history after posting a £350 million deficit for the 2024–25 financial year, according to UEFA’s latest European Club Finance and Investment Landscape report.
The club’s €407 million loss is the highest ever recorded by an English side and is second only to Barcelona’s €555 million deficit in the 2020–21 season. Chelsea are owned by Clearlake Capital and Todd Boehly.
The financial results come after a season in which Chelsea competed in and won the Conference League, finished fourth in the Premier League to secure a return to the Champions League, and later lifted the Club World Cup in the United States.
During that tournament, the club was fined €31 million for breaching UEFA’s financial regulations. The fine could increase to €91 million if Chelsea fail to comply with financial targets over the next four years under a settlement agreement with European football’s governing body.
Despite the significant loss, sources within the club insist that an internal accounting clean-up has improved their financial position. They maintain that Chelsea are now profitable on an operating basis and aligned with UEFA’s financial framework. According to club insiders, the squad cost ratio is expected to remain within UEFA thresholds, which are considered stricter than the Premier League’s requirements. The club also believes it will meet all obligations under its current settlement agreement and does not expect further regulatory penalties.
UEFA’s report further revealed that Chelsea’s squad at the end of the 2025 financial year was the most expensive ever assembled, with a combined transfer cost of €1.746 billion — €90 million higher than the previous year’s record. By comparison, Manchester City’s squad cost stood at €1.584 billion.
Chelsea officials argue that the UEFA figures do not fully reflect the club’s financial outlook going forward. On the pitch, the team are currently fifth in the Premier League, a position likely to secure Champions League qualification. They are scheduled to face league leaders Arsenal in their next fixture.
