Chelsea
Four Alarming Lessons From Chelsea’s 2024-25 Accounts
Chelsea accounts 2024-25: deep operating losses, soaring executive pay and weak player trading. 2026
Chelsea’s 2024–25 accounts offer a stark reminder that on-field struggles have a direct off-field cost. Supporters have been vocal in recent weeks over the team’s results under Liam Rosenior, and protests against the ownership are set to increase this weekend. Those demonstrations have even involved an invitation to disgruntled fans of fellow BlueCo-owned Strasbourg.
The accounts reveal an operating loss just under $348 million (£258 million), the fourth consecutive season in which day-to-day losses exceeded $270 million (£200 million). That equates to a loss of $662 (£451) per minute across the calendar year. Those running losses are compounded by legal costs linked to fines under the previous ownership that total over $67 million (£50 million).
Pay structures within the club also raise questions. Pay packets for players and staff rose by around 6% on average, while executive pay increased by 80% and directors received 60% more than in 2023–24. Chelsea stressed no individual received a pay rise of 80%, attributing the rise to an increase in the number of staff in that bracket. The club finished the season with the most administrative staff in the Premier League, adding 156 to reach 929.
Player trading, a core element of the club’s business model, produced limited returns. Chelsea generated about $404 million (£300 million) from summer player sales, but that produced only $42.9 million (£31.8 million) in profit. High book values for players with long contracts meant headline departures such as Noni Madueke, Christopher Nkunku and João Félix did not deliver the anticipated gains. Several sales came only a year or two into multi-year deals, including Nkunku two years after arrival and Félix 12 months into a six-year contract.
Finally, owner investment has masked cash needs but created future obligations. Since BlueCo joined in 2022, they have not charged interest while injecting nearly $1.5 billion (£1.1 billion) across three full seasons. Loans taken by those in charge saw related debt rise to over $303 million (£225 million) last season. Interest and repayment plans will soon be required, and officials have previously denied claims Chelsea, as an entity, would contribute to interest repayment.
Taken together, the figures outline a club balancing heavy operating losses, rising corporate pay, modest trading profits and growing loan obligations.
Chelsea
Alonso points to Chelsea’s goalkeeping depth amid Costa links
Alonso says Chelsea are happy with Sánchez, Penders and Sharman-Lowe despite Diogo Costa links.
Xabi Alonso has offered a clear indication that Chelsea are content with their current goalkeeping group, despite recent talk of a move for Porto and Portugal goalkeeper Diogo Costa.
The Chelsea boss said he is satisfied with the options already available to him and pointed to the balance of experience and youth in the squad. “I’m very happy with Rob [Sánchez], Mike [Penders] and Teddy [Sharman-Lowe],” Alonso admitted . “Mike is a young goalkeeper that has done a great season at Strasbourg. Rob, he has played many years in the club, in Chelsea , as well as the Premier League , he has experience.
“So to have this security in the goal is important,” Alonso finished.
Those remarks appear to reinforce the idea that Chelsea may be prepared to begin the 2026/27 season without bringing in a new established first-choice goalkeeper. Costa had been mentioned in connection with the club, with the Portugal international long regarded as one of the strongest goalkeepers outside Europe’s top-five leagues. He also impressed for Portugal at the 2026 World Cup.
Porto’s position has remained firm, with the club saying they would only consider a sale if his $68.7 million (£51 million) release clause is met. Even so, recent speculation has suggested Chelsea have not made an enquiry and are not planning a move at this stage.
The club did explore the possibility of signing Mike Maignan last summer, but that transfer did not come together. Instead, Chelsea continued with their internal options, and that approach now seems to be holding.
Sánchez is expected to start the third consecutive season in goal when 2026/27 begins. He had briefly lost the position to Đorđe Petrović in his first campaign, but improved in 2025/26, even if errors remain part of his profile.
Behind him, Penders remains the understudy. Signed in 2024, the 21-year-old Belgium international has spent the last two seasons on loan, first at Genk and then at sister club Strasbourg.
Chelsea
Man City Make Contact Over Pedro Neto as Maresca Weighs Wide Options
City are in contact over Neto, but Chelsea’s price and Savinho’s future may decide the outcome.
Manchester City have reportedly opened talks with the camp of Chelsea winger Pedro Neto about a possible return to working with Enzo Maresca.
According to Fabrizio Romano, City are already in “direct contact” with the player’s representatives as they explore a summer move to the Etihad Stadium. The situation is not straightforward, though, and several factors could shape whether any deal progresses.
One key issue is Savinho. Romano has also named Tottenham Hotspur as admirers of Neto, and any departure for the City winger could sharpen Maresca’s interest in strengthening his wide areas. Chelsea’s asking price will also matter, with the London club not actively seeking a sale and likely expecting a strong offer after signing Neto only two summers ago.
Chelsea’s squad depth means the winger is not indispensable in west London. The club has added heavily to its attacking ranks, even after the recent departures of Alejandro Garnacho to Aston Villa and Tyrique George to Everton. Morgan Rogers has arrived for a record-breaking fee, while Geovany Quenda has also joined from Sporting CP. That group sits alongside Estêvão, Jamie Gittens, Cole Palmer and Mykhailo Mudryk, who recently returned after his doping ban was lifted.
Even so, Neto’s value is clear. Only Enzo Fernández created more chances than his 53 last season in the Premier League, and no Chelsea player bettered his 12 big chances created. His pace also gives him a directness that can trouble deep defensive blocks.
Xabi Alonso will want a closer look before any final decision is made, especially as Neto made a late return to preseason after his World Cup involvement with Portugal and is yet to play under Chelsea’s new manager.
City, too, have options on the flanks. Jérémy Doku delivered the best season of his City career in 2025-26, Antoine Semenyo made an immediate impact after arriving mid-season, and Omar Marmoush, Rayan Cherki and Phil Foden have all been used wide in recent campaigns. Jeremy Monga, still only 17, offers further cover. Even so, if Savinho were to depart, Maresca would be left with fewer natural wingers than he would ideally want.
Chelsea
Chelsea’s transfer balancing act: who could leave from Alonso’s available list
Chelsea are weighing up exits as Alonso reshapes a crowded squad and sets new priorities.
Xabi Alonso has already made one theme central to his first transfer window at Chelsea: balance. That word has framed the way he views a squad that still contains certain untouchables, but also a notable group of players who have been left off the club’s protected list.
That does not mean Chelsea are forcing anyone out. It means those players have been placed on the market at agreed prices, with The Athletic reporting that the total value of talent available could reach $600 million (£445 million). In a squad as crowded as this one, the question is not whether moves are possible, but which departures make the most sense.
Axel Disasi is among the clearest examples. He has not played a competitive match for Chelsea since January 2025 and has spent the last 18 months on loan in claret and blue. A return to West Ham United on a permanent basis could be available, although Chelsea’s asking price may prove difficult to meet. Even so, any fee approaching half of the $52 million they paid Monaco would represent a strong return.
Marc Guiu also looks like a player the club could be prepared to cash in on, while Benoît Badiashile appears to have reached the point where a sale would suit both sides. If Napoli were to offer more than $40 million for the defender, Chelsea would likely take notice.
Liam Delap’s situation is different. He started poorly and never quite recovered, but there is still interest from several Premier League clubs. Chelsea do not have the room to keep him in a forward line that is already crowded, especially without European football. A loan or a sale with a buy-back clause would protect the club’s position.
Nicolas Jackson remains harder to dismiss. His goal contribution rate and underlying numbers still point to a striker who consistently finds good positions, even if his finishing and discipline remain issues.
Malo Gusto and Pedro Neto are also under review. Chelsea would consider strong offers for both, particularly if a system is chosen that reduces Neto’s natural role. For now, the club’s challenge is to trim the squad without weakening it too far.
