It is important to note that Chelsea have not yet released their full accounts, which will soon be published at Companies House and are expected to provide a more detailed picture.

The only information currently available is from the statement made by Chelsea on Wednesday., external

“People ask whether Chelsea are a football club or a hedge‑fund experiment. I don’t think these accounts offer any clearer answer. We are still waiting to see the full picture on Companies House,” said football finance expert Kieran Maguire.

He said the figures highlighted the importance of Champions League football to a club that is currently sixth in the league.

He added: “For every one pound you receive from broadcasting [in the Champions League], you only get 11p in the Conference League, and it is much harder for the marketing department to sell a hospitality box for a match against the second‑best team in Denmark than when Barcelona come to town.”

There are also concerns that Stamford Bridge is beginning to look dated, leaving Chelsea at risk of falling behind their rivals, particularly with new Premier League squad-cost ratio rules coming into force this summer.

These replace PSR and allow clubs to spend 85% of their total revenues on squad-related costs.

“Chelsea have only a 40,000‑capacity stadium and are around half of Manchester United’s size, and probably £50-60m behind others,” Maguire added.

“With the introduction of the new squad‑cost ratio rules, it is really important for clubs to boost revenue wherever they can.

“Chelsea are simply behind their rivals, with less to spend on players – and that will take its toll over time.”

Maguire agreed that it was unlikely Chelsea would breach Premier League regulations.

Chelsea made a £128.4m profit last year – almost entirely due to the sale of their women’s team to themselves, a loophole that has since been closed by the league.

It means pre-tax losses over the past three years are about £220m in total, but Maguire said that Chelsea would have needed to submit the losses accounted for under PSR by 31 December.

“The lack of any news suggests the league is satisfied with their PSR figures,” Maguire said.