The transfer window closed at 11am last night 31 st January and while QPR bought in six new players, Chelsea, who were head the Premier League spending table with £14.2 million annouced on Tuesday record turnover of £222.3 million to June 30 2011 but still reported a loss of £67.7 million.
With the UEFA Financial Fair Play rules to come in 2013-14, questions have been raised as to the club's ability to comply with the new rules. The 2011-12 financial year figures are the first year UEFA will start to analyse clubs’ accounts up to 2013-2014.
Clubs competing in European competition will be permitted to lose just Eur45 million over these three years. However, UEFA general secretary Gianni Infantino last week stated 13 clubs currently playing in the Champions League and Europa League, including several from England, would have failed the break-even tests required from the 2013-14 season.
Clubs that can not meet the new rules could be banned from fielding new players, be deducted points or face limits on squad sizes in European competition, as well as fines and exclusion from competitions.
However, Chelsea maintains it is “well aware of our obligations” concerning FFP and is making progress towards compliance. “The club is focused on complying with the requirements of UEFA’s financial fair play regulations while maintaining its ability to challenge for major trophies,” said chairman Bruce Buck. “We would expect this to be reflected in our results for the current financial year.”
Meanwhile, Chelsea stated the increase in revenues from the previous year's level of £205.8 million was in the main due to higher receipts from the UEFA Champions League together with a rise in income from the Premier League’s overseas broadcast contract. Chief executive Ron Gourlay added: “Achieving a record level of turnover is satisfying given the economic background against which we are operating.”
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