The Chelsea scandal takes a disturbing turn as new revelations come to light, making the situation significantly more serious than previously thought.
Earlier this week, The Times shared a report (see below) on Chelsea’s most recent financial statements following the release of the headline figures.
In prior statements, the club’s American ownership had already drawn criticism for tactics such as selling Chelsea-owned hotels to affiliated entities — all in an attempt to comply with the Premier League’s Profit and Sustainability Rules (PSR).
In the latest 2023/24 accounts, another controversial move has surfaced. This time, it involved transferring ownership of the Chelsea women’s team — not to an external buyer, but to another company under the same ownership umbrella.
This maneuver appears to be yet another way for the club to stay within the PSR’s permitted financial losses over a three-year span, despite the huge outlays made by the current owners.
Though the women’s team had an estimated turnover of just £10 million and wasn’t generating profits, the ownership group valued it at more than £150 million during this internal transaction. The move allowed the club to report a significant profit for the season, instead of what would have been a heavy loss pushing them over the PSR threshold.
With the full 2023/24 financial accounts now available, the extent of this accounting strategy is clearer. The Chelsea women’s side posted revenues of £11.5 million and losses of £8.7 million — an increase from the £4.2 million loss in 2022/23 when revenues were £8.8 million.
Despite these modest earnings and considerable losses, Chelsea confirmed the women’s team was sold (to another part of the ownership structure) for a staggering £200 million. Yes — £200 million for a team operating at a significant loss.
The club also acknowledged that the Premier League has yet to accept this valuation as reflecting fair market value. Understandably, this has raised eyebrows — how many independent buyers would realistically pay such a price for a team with low revenue and high operational losses?
The Times reported on March 31, 2025, that Chelsea recorded a profit of almost £200 million from selling the women’s team and other subsidiaries to its parent company. This contributed significantly to avoiding a PSR breach last season.
The £198.7 million figure appeared on the club’s website, though the full financial report had not yet been published at the time. It’s believed the valuation of the women’s team alone exceeded £150 million.
Additionally, player sales totaling £152.5 million helped Chelsea declare a total profit of £129.6 million, even though revenue dropped from £512.5 million to £468.5 million due to the men’s team missing out on the Champions League. Operating losses were estimated at around £170 million.
Though the Premier League allows clubs to count sales to sister companies as revenue, UEFA’s regulations do not — potentially putting Chelsea in breach of European rules.
On June 28 — just two days before the accounting deadline — Chelsea officially transferred the women’s team to BlueCo 22 Midco Ltd. If accepted at face value, the team’s valuation would rank it as the world’s second most valuable women’s club, trailing only Angel City FC.
Chelsea stated the move would provide the women’s side with focused management and resources, aligning with their long-term growth ambitions.
