It isn't. Jordan's very good at convincing people he understands more than he does.
So Chelsea's finances in recent years have basically been at a break-even level, before deducting amortisation and adding in profit on sales of players.
If we assume that revenue / overhead structure would holds for this year under normal operating conditions, then they'll actually be starting below that level because they have no Europe, plus there's a good chance their wage bill will have rocketed with all the transfers they've done.
I estimate the amortisation charges (adjusted for FFP) at around £180m.
So they'll lose upwards of £180m, before any player sales.
They raised £130m by my estimate with the sales in the current window, but those profits go into last year.
So I reckon they lose £180m + next year.
The fundamental flaws in Jordan's analysis are that he assumes:
- Chelsea don't have any costs related to players pre Boehly era
- That they all work for free (or at least for less than the players who've left)
- That not being in Europe will have no impact on revenues
- That they haven't been badly bruised by the period of sanctions before Roman fucked off
Obviously none of that is true, and when you factor it in, they're in a mess.
