BusinessCompany NewsChelsea auditor backs club’s financial future

Chelsea auditor backs club’s financial future

£80m loss, but club's auditor says its in good shape

After making an £80m in the last financial year,
Chelsea Football Club expressed doubts
about whether it could achieve its target of requiring no external funding by
2010.

However, its chairman
Bruce
Buck
said the board and its auditors
(KPMG) were satisfied that, even without
full break even being reached, the club will remain a going concern.

‘’The finances of the owner Roman Abramovich have been investigated by the
Chelsea board and auditors in order to verify that his commitment to the club is
for the long term,’ Buck said.

‘In signing the accounts both the board and our accountants have to make
investigations and take a view that the funding for Chelsea in the reasonable
future is secure. I can assure you that the board made its investigations and
the accountants also. We did what we had to do and we are satisfied with the
financial security of Chelsea going forward,’ Buck added.

Further reading:

HMRC eyes up football clubs

Chelsea’s cut-price fee for Duff justified by
accounting

Deloitte finds football wages on the slide

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