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Chelsea announced a net loss of £70.6M for the financial year ending June 30, 2016, with the "deficit born of the Premier League leaders’ decision to buy out" its existing kit deal with adidas and the compensation paid to former Manager José Mourinho following his sacking last December, according to Dominic Fifield of the London GUARDIAN. The club registered a record turnover of £329.1M, up 5% on the previous year’s £314.3M, yet its overall profit of £4.7M "was eclipsed when exceptional costs were taken into account." Mourinho and his coaching staff "were dismissed a few months after signing new terms, with the team struggling near the fringes of the relegation zone, and considerable compensation" was due to adidas for the early termination of that contract. Despite the lack of Champions League football this season following a 10th-place finish in '15-16, next year’s figures "will be boosted by the record" £60M ($74.4M)-a-season deal since signed with Nike, "together with increased revenues from Premier League broadcast deals" (
GUARDIAN, 12/16). In London, Sam Long reported commercial revenues "performed strongly due to a sponsorship deal with Yokohama Tyres while broadcasting revenues increased" (
EVENING STANDARD, 12/16).
