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Chelsea Top Premier League Wage Bill
Chelsea Football Club would now have the largest wage bill in the English Premier League. The annual wage bill of £172million does not include new signings Fernando Torres, who is believed to have signed a contract worth £200,000 a week and £25million signing David Luiz, both of whom have joined the club this week.
Premiership wages have been notoriously high in recent years and Chelsea’s wage bill is £40million higher than its biggest spending rivals, Manchester City. A more important consideration is the percentage of a club’s turnover that is spent on player salaries. Chelsea spend 82% of their turnover on wages, while Manchester City spend 106%, in stark contrast to other big clubs such as Manchester United, who spend 46% of their turnover on wages, while that Arsenal spend 49%.
Several big-name players left Chelsea in the summer of 2010, the departures of Michael Ballack, Juliano Belletti, Deco, Ricardo Carvalho and Joe Cole saved £20m in wages and generated around £15m in transfer fee. Despite this saving, Chelsea recently recorded losses of £70.9m, an increase of £26.5m on the previous financial year, the addition of Torres and Luiz will significantly increase their wage bill .
Under UEFA’s new Financial Fair Play rules, which come into effect from the 2011-12 season, clubs must only spend on wages and other expenses what they earn from ticket sales, merchandising and other business income. Indeed, the club’s books will need to balance, failure to do so could ultimately result in disqualification from European competitions such as the Champions League.
A potential safety net exists in the rules, all players whose contracts were made before June 1, 2010 will be exempt, if these rules were applied to Chelsea for the last financial year, they would in fact have been shown to achieve a financial benefit. The rules won’t be tightened until 2016 when all player salaries will be taken into consideration, even if a club suffers a financial loss and they can show that there is an improving trend in their finances, they can escape the sanction of the Board of Directors.
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