Chelsea report £49.4m loss but meet Financial Fair Play rules

Chelsea have made a loss of £49.4m for the year ended 30 June 2013.
Their group turnover of £255.8m for the 12-month period is a record figure for the club, but elimination from last season's Champions League in the group stages saw a drop in income.
The club said these figures, combined with the previous year's profit of £1.4m, fall within the criteria set by Uefa's Financial Fair Play  regulations.
What are Uefa's Financial Fair Play regulations?
• The Club Financial Control Body (CFCB) was set up in June 2012 to oversee the application of the Uefa Club Licensing System and Financial Fair Play Regulations

• Clubs cannot repeatedly spend more than their generated revenues, and clubs will be obliged to meet all their transfer and employee payment commitments at all times

• Higher-risk clubs that fail certain indicators will also be required to provide budgets detailing their strategic plans

• Teams participating in Uefa club competitions have had their transfer and employee payables monitored since the summer of 2011. The break-even assessment covering the financial years ending 2012 and 2013 will be assessed during 2013-14

Read more at Uefa.com
Their commercial income rose from £67m to £79.6m - a 19% rise.
Chelsea won the Europa League in 2013 - but the club received significantly less prize money for that than they did in winning the Champions League in 2012, which contributed to the loss.
"For Chelsea FC to achieve a record level of turnover, despite our first group-stage elimination from the Champions League, shows we have structured our business and are growing in the correct way for long-term stability," chief executive Ron Gourlay said.
"Our philosophy is that we build upon success on the pitch - and although in these financial results we haven't repeated the sizeable profits made the previous year from player transfers, we believe the age profile of the existing squad means we will benefit from that investment for many years to come."
Chelsea's profit last year was their first since Roman Abramovich took control of the club in 2003.
That profit was aided by money brought in from player sales, in addition to a one-off financial boost that came when the broadcaster BSkyB agreed to cancel its shares in a joint digital media venture with the club.
The last two seasons have been the first monitoring period for Uefa's FFP regulations.
Chairman Bruce Buck added: "A long-term objective was financial sustainability, and the subsequent implementation of Financial Fair Play by Uefa and by the Premier League has brought that to the top of the agenda for football clubs.
"We are pleased therefore that we will meet the stipulations set down by Uefa in their first assessment period.
"By our own analysis, we are progressing from a commercial viewpoint as well as continuing to add trophies to our collection, which we never lose sight of as our most important goal."

BBC