Chelsea won the first edition of the revamped Fifa Club World Cup last July, but have also beaten their rivals to the title of biggest financial losers. Chelsea recorded a pre-tax loss of £355m for 2024-25, according to financial figures released by Uefa. It is the highest annual loss ever made by an English football club, and the second highest in European history, following the £484m Barcelona's loss in 2021.

So what is the detail behind the numbers? The report doesn't break down the loss into its component parts, but there are clues. Uefa's figures show Chelsea's overall revenue was significantly lower than some of their Premier League rivals. The Blues brought in £511m, compared to £746m for Manchester City and £744m for Liverpool.

That difference comes from a few key areas. Chelsea's income from ticket sales was the ninth-highest in Europe but still £28m less than Liverpool, one place ahead of them. The average amount Chelsea made per matchday was £1.2m less than Liverpool, who again were one spot ahead. Chelsea's matchday revenue is restricted by the capacity of Stamford Bridge, which at 41,798 is only the 11th-biggest ground in the Premier League, 34,000 smaller than Manchester United's Old Trafford.

The Blues also made far less in commercial revenue than some of their rivals. They were ranked 11th for commercial revenue in Europe last year, making £207m - £5m down on the previous year. That puts their commercial revenue £66m lower than Tottenham - the next-highest English club - and £165m lower than Manchester City, who brought in more than anyone else in the Premier League.

Chelsea also made far less from merchandising and kit sales than the five other wealthiest Premier League clubs. They generated £83m from that revenue stream - no improvement on the previous year. That is £46m less than Spurs and £82m less than top-ranked Manchester United.

The only area in which Chelsea performed impressively in comparison to their rivals was broadcast revenue, with participation and victory in the Fifa Club World Cup boosting income to £192m, putting them second-highest on the list in Europe, behind Manchester City.

Chelsea chairman Todd Boehly has previously defended the club's financial approach. Chelsea's outgoings were also part of the problem. They were the sixth-highest spenders on wages in Europe, paying their players £388m - £43m more than they did the previous year. Only Liverpool, whose spend was increased by bonuses paid to players for winning the Premier League, and Manchester City were higher in England.

Chelsea also employ the highest number of full-time non-footballer employees at any club in England, with a staff of 1,169. The club's operating costs - including utilities, transport, insurance, marketing, and administration - increased from £159m to £240m, putting them fifth across Europe.

The Uefa report makes clear Chelsea's playing squad is the most expensively assembled in football history, costing £1.52bn - a value up 5% from the previous year. Chelsea have signed many of their players to long-term contracts in order to ensure their value is 'amortised' - spread out over a longer period of time to reduce the yearly cost in the club accounts. The report states "English clubs' amortisation costs are impacting profitability", meaning the amount ending up on the cost sheet at the end of each year - from what are effectively deferred transfer payments - is adding to their losses.

Sources at Chelsea say a number of factors have caused an unfavourable outlook in Uefa's latest report. Those factors include asset impairments (an accounting term for when an asset has a lower market value than that listed on a company's balance sheet), settlements tied to historical regulatory matters, and the exiting of legacy contracts. Those disclosures are required under the governing body regulations.

Chelsea say they remain profitable on an operating basis, believe they will comply with Uefa's rules, and deny they will have to sell star players to fulfil any regulatory requirements. After a substantial fine in the summer for breaching spending rules, they remain under Uefa scrutiny. And they could face further fines as part of the settlement should they continue to not be compliant. But they point to a profitable season in the transfer market to highlight how they expect to avoid further punishments under the existing agreement.