Chelsea’s £262m deficit shows the true cost of rebuilding — and the risk of making it normal

Chelsea have posted a record £262.4m pre-tax loss for 2024-25, the biggest annual deficit ever reported by an English club, even as revenue climbed to £490.9m. The numbers underline how expensive the club’s post-takeover reset has been — and how urgently the sporting project must convert into stable, repeatable Champions League income.