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Chelsea announced a Premier League-record pre-tax loss of £262.4m on Wednesday for the year ending 30 June 2025 on the same day it was revealed they had spent significantly more on agents’ fees than any other English club this season. 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 recorded by Manchester City in the 2010-11 season.
The club had posted a profit of £128.4m in the previous year’s accounts, significantly boosted by the sale of the women’s team to Blueco Midco – a subsidiary company – for almost £200m.
A Uefa report published in February put Chelsea’s 2025 losses even higher – at €407m – but sources close to the club said that was due to the differing reporting requirements of European football’s governing body.
The Football Association published its annual report later on Wednesday examining what clubs spent on agents’ fees between February 2025 and February 2026. 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, up 13%.
Sources close to Chelsea 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, their second-highest on record. This included some of the money earned from last summer’s 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 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 more than £50m payable if compliance was not achieved over a four-year period.
The club did not publish the full financial report on their website, but it is understood the accounts have been submitted to Companies House and should be published in due course. Chelsea are forecasting revenue of more than £700m for the 2025-26 season.
Chelsea had spent around £1.5bn on transfers as of last summer since the new ownership group featuring Todd Boehly bought the club from Roman Abramovich in the summer of 2022, but club sources say their transfer sales figures last summer were the highest in Premier League history.
Chelsea are understood to be anticipating a financial rather than sporting sanction from the FA after admitting to breaches of its rules regarding payments to agents under the ownership of Abramovich. Any fines incurred are set to be covered by money held back by the Boehly consortium in the purchase of Chelsea.
The club avoided a points deduction after entering into a sanction agreement with the Premier League, which also investigated £47.5m of undisclosed payments during the Abramovich era. Chelsea were fined £10.75m and given a suspended one-year transfer ban as recognition of the cooperation it gave to the Premier League.
Chelsea also announced on Wednesday that their women’s team (Chelsea Football Club Women Ltd) posted a loss of £17.1m, despite generating £21.3m in revenue.
