Chelsea wage bill rises to second highest in the Premier League

The Blues finished 12th in the Premier League last term but their salary costs have risen by 18 per cent to £404m, with only treble-winning Manchester City paying out more (£422.9m).

In the first full season under the new ownership of Todd Boehly’s Clearlake Capital consortium, Chelsea paid £747m on transfers up to June 30, 2023.

While certain costs can be deducted, it means there are likely to be further player sales required in the coming months in order to remain within regulations, particularly with qualification for Europe via their league position looking unlikely this campaign.

The sale of Mason Mount to Manchester United in July last year for £55m, with a possible £5m in add-ons, will be in the 2023/24 accounts although so too will the signing of Moises Caicedo from Brighton for a fee that could rise to up to £115m.

Despite the outlay Mauricio Pochettino’s expensively-assembled squad have endured an inconsistent Premier League campaign – and were branded “blue billion-pound bottle jobs” by Sky Sports pundit Gary Neville late on during their 1-0 extra-time defeat against Liverpool in the Carabao Cup final.

A £76.5m property deal with BlueCo, a subsidiary of the club’s holding company, helped to reduce Chelsea’s losses, while their turnover increased to £512m, up from £481m over the previous year.