Chelsea sold their women’s team to themselves last year before announcing pre-tax profits of more than £120million.
The Blues announced on Monday that they had made profits of £128.4million before tax for the year ending June 30, 2024.
However, they have yet to release their full financial report for the period.
The profits are compared to a loss of £90.1million for the year prior to last season.
According to the club, the turnaround is due to ‘increased profit on disposal of player registrations and repositioning of Chelsea Football Club Women Ltd’.
It comes after their women’s team was sold by Chelsea Holdings to BlueCo, the club’s owners.
Chelsea also sold two hotels and Kingsmeadow, where their women’s and under-21 teams play, to themsleves.
It is believed that this helped them avoid any Profit and Sustainability (PSR) breaches.
Ally McCoist is concerned by the move despite the Blues not breaking any Premier League rules.
The talkSPORT co-host told Breakfast: “It just makes a mockery of it.
“Let’s be brutally honest about it, they’ve made a rule and clubs, particularly Chelsea, they’re not breaking it, but they’re bending it to suit themselves.
“Which in one way, you can’t blame them for at all, as long as they’re abiding by the rules they’re entitled to do it.
“You can guarantee they’ll be exploring the avenues right now as we speak, but how do you stop it?”
talkSPORTStefan Borson says Chelsea have ‘found gaps’ to avoid failing PSR[/caption]
AFPTodd Boehly and Chelsea also sold two hotels and Kingsmeadow to themselves[/caption]
Meanwhile, financial expert Stefan Borson later addressed the situation on White & Jordan.
Asked if Chelsea have ‘outsmarted’ everyone, he said: “It depends what you call outsmarting.”
Borson later clarified: “What they have definitely done is they’ve found gaps in the Premier League rules that allow them to avoid failing PSR.”
However, he insisted that there is no risk to the viability of Chelsea Football Club.
He said: “I’m not suggesting any issue at all with the viability of Chelsea football club. Whilst their owners put equity into the club as they are doing so there’s no problem whatsoever.
“It’s cute and perfectly sustainable as long as the owners keep sticking money in. It was sustainable when Abramovich stuck money in, it is sustainable when City’s owners stick money in on a consistent basis. It’s sustainable when Jim Ratcliffe puts hundreds of millions into Man United.”
The Premier League’s Profit & Sustainability Rules (PSR) limit clubs to losses of £105million across a three-year period.
Both Everton and Nottingham Forest received points deductions last season for breaching the regulations.
The rules are set to be changed but Premier League shareholders agreed in February to delay the removal of PSR.
Instead, the current regulations will remain in place for at least one more season.
It follows a delay to the implementation of a UEFA-style squad cost ratio approach limiting spending on wages and transfer fees to a set percentage of a club’s income.
