Profitable Chelsea hike payments to company directors

Chelsea image

By David Owen

January 12 – Chelsea’s landmark 2017-18 financial year appears to have seen big increases in remuneration paid to the club’s directors.

Accounts for Chelsea FC plc for the year to 30 June 2018, which have now arrived at Companies House, state that directors’ “remuneration for qualifying services” soared to £916,000 in the latest period, against £208,000 a year earlier. No figure is given for the highest-paid director. However, four directors are listed in all: B.Buck, M.Granovskaia, E.Tenenbaum and G.Laurence, whose appointment dates from last February.

The club made a bumper pre-tax profit of £67.5 million during the year, attributable chiefly to its return to European competition as well as financial gains on the sale of players such as Diego Costa and Nemanja Matić.

Growth in employees’ remuneration as a whole was relatively subdued, climbing from £220 million in 2016-17 to £244.1 million. The average monthly number of employees fell appreciably, from 812 to 756, although the proportion of these categorised as playing staff, managers or coaches increased.

The accounts indicate that Roman Abramovich increased funding to the club by a further £69.1 million in 2017-18. This is up from £33.8 million the previous year.

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