Chelsea have announced that they paid out more than £26 million over the dismissal of Antonio Conte. It was a figure shown in their accounts. It also showed the club receiving a surge in funding worth £247 million from the owner - Roman Abramovich. This was during the last financial year.
The club’s financial records showed that they paid a total of £26.6 million in compensation and legal costs to Antonio Conte and his backroom workforce. Chelsea have seen their yearly wage bill rise by 17% to £285 million. They sacked Conte and replaced him with current Juventus manager Maurizio Sarri in the summer of 2018.
Antonio Conte, who subsequently moved back to Serie A and managed Inter Milan, spent two restless years at Chelsea after joining in 2016. While he steered the club to the Premier League title in his first season in England, he was sacked a year later despite Chelsea’s FA Cup win over Manchester United. Chelsea failed to qualify for the Champions League after finishing fifth. The FA Cup victory wasn’t enough to save Conte.
Antonio Conte’s bond with the Chelsea hierarchy was far from smooth. While there were regular disagreements over transfer policies, a legal battle ensued over Conte’s payoff in the wake of his dismissal. Conte won and the details of the payout have now emerged. It means that Chelsea have paid out more than £90 million in compensation to dismissed managers since Roman Abramovich took over the London side in 2003.
Chelsea’s turnover increased from £422.6m to £423.6m. They've named increased wages and the reduced yield on player sales as the major reason for their £96m loss. They now have the sixth-highest payroll in Europe and their accounts also showed that growth in marketable income was offset by a £7 million fall in matchday income and a £4 million fall in broadcasting revenue. The club acknowledged it as the effect of not playing in the Champions League.
Good luck for the rest of the season, Danny! 👊— Chelsea FC (@ChelseaFC) January 7, 2020
Chelsea are free to dive into the market this month after their transfer ban was lifted. Manager Frank Lampard is supposed to have a budget of £150 million. Lampard’s primary targets include Jadon Sancho, Wilfried Zaha, Moussa Dembele, Timo Werner and former Chelsea defender Nathan Ake.
Out of favour Danny Drinkwater has joined Aston Villa on loan for the rest of the Premier League season. The midfielder returned to Chelsea last week after Burnley decided not to prolong his six-month spell previous week. Aston Villa have acted swiftly to bring him in.