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, accept event bookings and signing contracts with players until Todd Boehly's takeover was completed on May 30, 2022.
In a statement on Monday, Chelsea added that these sanctions would be felt again "in the following years".
"The results for the year have been impacted by the sanctions placed on the club's previous owner on 10 March 2022," the statement read.
"As a result of the sanctions, the club was required to operate within the limitations of a special licence issued by the UK government. These restrictions were in place until the completion of the Club's sale on 30 May 2022.
"During this period, the Club was restricted in a number of areas including, but not limited to, its ability to sell matchday and season tickets, sell merchandise, accept event bookings, as well as sign contracts with players and commercial sponsorship partners, which collectively resulted in extraordinary expenses and loss of revenue.
"Furthermore, some of these limitations are also expected to have an impact on the financials in the following years due to the long-term impact from restrictions on entering into new contractual arrangements.
"Towards the end of the sanctioned period, the club was permitted to sell certain matchday tickets, with the Premier League committing to donate all revenue from these sales to charity. The restrictions were lifted following the change in ownership, and all operations have now resumed."
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.
Leeds owner Radrizzani ‘appalling’ over reported Elland Road loan security deal
A Leeds fans’ group has accused chairman Andrea Radrizzani of “appalling” behaviour and demanded he immediately sells the club and Elland Road.
Leeds United Supporters Club (LUSC) has responded to The Athletic’s report that majority shareholder Radrizzani had offered to use the Elland Road stadium as collateral when securing a £26million bank loan to buy Sampdoria.
Radrizzani’s company Aser Group, in partnership with finance company Gestio Capital, concluded a takeover of the debt-ridden Italian club on Tuesday night.
The 48-year-old signed off an agreement in principle to use Elland Road as collateral in order to borrow the funds needed from Italian bank Banca Sistema to complete the deal, it was reported.
The Athletic said it was not known whether Elland Road was included in the final deal, or if Radrizzani’s company and partner Gestio Capital were able to secure the loan via a different method.
LUSC chairman Lord Mann said in a statement: “Andrea Radrizzani is no longer an appropriate person to own Leeds United.
“His behaviour is appalling and he risks never being welcome at our club again.”
It had been expected that Radrizzani’s buy-out at Sampdoria would expedite the sale of his 56 per cent stake in Leeds to American co-owners 49ers Enterprises.
The financial arm of NFL franchise the San Francisco 49ers increased its stake in Leeds to 44 per cent at the end of 2021 with a deal in place to buy Radrizzani’s stake and take full control before January 2024.
But in a personal statement posted on Twitter on Wednesday night, Radrizzani made no mention of a possible change of ownership at Leeds when apologising to fans for their relegation from the Premier League.
Lord Mann added: “The sooner he goes the better and we look forward to the 49ers Enterprises’ offer being accepted.
“The only way he can begin to salvage his reputation is through an immediate sale of the club and the stadium.
“There will be a major question mark about whether he is a fit and proper person to own a football club if he attempts to stay on as owner.”
It was also reported that co-owners 49ers Enterprises and Leeds chief executive Angus Kinnear were unaware of Radrizzani’s proposal to use Elland Road as security on his loan.
Leeds have not owned their stadium since 2004. After Radrizzani completed his full takeover of the club in 2017, he bought it back and it is currently owned by Elland Road Ltd, of which the Italian is a director.
Leeds refused to comment when approached by the PA news agency, while others fans’ groups, including Leeds United Supporters Trust, said they were seeking clarification from the club.
National fans group, the Football Supporters Association, said on Twitter that “these are concerning times” for Leeds supporters and added it was further evidence that the Premier League “needed independent regulation”.
Lydia Bedford takes Brentford Under-18s reins in landmark appointment for women
Lydia Bedford has been announced as Brentford Under-18s head coach in a landmark appointment.
Bedford has left her position as assistant boss with Arsenal’s women team to become the first female coach to take the reins at a men’s professional side in England.
The former Leicester manager is set to work alongside Jon-Paul Pittman, who will join as assistant coach from Forest Green.
Brentford director of football Phil Giles said: “I’m really pleased that we’ve managed to attract such talented coaches as Lydia and Jon-Paul to our under-18 team for next year.
“We undertook an extensive recruitment process for these roles. Lydia and Jon-Paul were the two best candidates, and thankfully we were able to finalise their recruitment to the staff.
“I’m sure they will excel, and we all look forward to working with them through pre-season and beyond.”
Kyogo Furuhashi ‘bullish’ about making Scottish Cup final – Ange Postecoglou
Celtic striker Kyogo Furuhashi is “bullish” about his chances of making the Scottish Cup final despite not training so far this week.
The Japan international went off with a leg knock during last Saturday’s 5-0 win over Aberdeen after coming off worse in a 50-50 with Dons goalkeeper Kelle Roos.
The 28-year-old has scored 33 goals this season and won a clean sweep of Scotland’s player of the year awards, and he has an impressive record in cup finals, with match-winning doubles in the League Cup in each of his two seasons with Celtic.
Boss Ange Postecoglou said: “Kyogo is progressing. He hasn’t trained yet. The plan is to get him out there tomorrow (Friday) and see how he goes. He is doing some individual stuff this afternoon.
“He always is, but he is still pretty bullish about playing so we will just see how he goes.
“We will be guided by him a little bit. We have done that in the past. He has had a couple of times, whether it’s with his shoulder or in last year’s League Cup final he went in with a hamstring that wasn’t totally healed and scored a couple of goals.
“So I will be guided by him. He is very strong mentally so if he gives us the green light we will put him in there.”
The only definite absentee is Australia midfielder Aaron Mooy, who has been nursing a back problem in recent weeks.
Postecoglou said: “(Alistair) Johnston is fine, he has trained all week and (Sead) Haksabanovic is back in so he is available as well. The only real absence is Aaron Mooy.”
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