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Chelsea Football Club report £18.4 million record profit

Chelsea Football Club has reported a record profit of £18.4 million for the year to June 2014.

This is only the second time Chelsea have generated profit since the club’s acquisition by Russian oligarch Roman Abramovich, in 2004.

The club recorded a smaller profit of £1.4 million in 2012 before going on to make losses in 2013.

Whilst the club failed to win any silverware last season, money was generated nonetheless through the Premier League’s new TV deal.

Moreover, player sales, such as the offloading of playmaker Juan Mata to Manchester United for £37.1 million, contributed to Chelsea turning a profit.

Crucially, Chelsea’s profits mean the club is abiding by Financial Fair Play (FFP) rules

Under FFP, clubs need to balance football-related expenditure, namely transfers and wages, with television and ticket income, plus revenues raised by their commercial departments.

However, money spent on stadiums, training facilities, youth development or community projects is exempt.

Chelsea chairman, Bruce Buck, told the BBC: “By reaching the Champions League semi-final and maintaining a challenge in the Premier League until the final week of the season we demonstrated that, while improving our financial figures, we remained competitive in football’s toughest club competitions.”