Friday briefing: Chelsea post record €407 million pre-tax loss in 2024/25

Chelsea recorded a €407 million pre-tax loss in 2024/25, the highest ever by an English club, according to UEFA’s latest European Club Finance and Investment Landscape report.

The deficit is the largest in English football history and second only to Barcelona’s €555 million loss in 2020/21 across Europe.

A source with knowledge of the club’s finances told The Athletic that the loss was largely driven by non-cash accounting adjustments, including player value write-offs and other