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Sacking Conte cost Chelsea Sh3.5bn, accounts show

The Daily Telegraph reported that the firing of nine permanent managers in the Abramovich era had cost more than Sh11.9bn.

In Summary

• Conte joined the West Londoners in 2016, and won the league in 2017, but was dismissed with 12 months to run on his contract.

• Former Italy midfielder Conte is now coaching Serie A side Inter Milan. Exceptional items in the previous year of  Sh797m related entirely to the buyback of retail, licensing and sponsorship rights.

Inter Milan coach Antonio Conte reacts during a past match
Inter Milan coach Antonio Conte reacts during a past match
Image: /REUTERS

 

Sacking Italian manager Antonio Conte in July 2018 cost Chelsea 26.6 million pounds (Sh3.5bn) in compensation and legal fees, according to the Premier League club’s accounts for the 2018-19 season.

Conte joined the West Londoners in 2016, and won the league in 2017, but was dismissed with 12 months to run on his contract.

Fellow-Italian Maurizio Sarri, his replacement, lasted a season before moving to Juventus. The accounts, published on the Companies House website, said exceptional items of Sh3.5bn related to ‘changes in respect of the men’s team management and coaching staff, together with associated legal costs.’

Former Italy midfielder Conte is now coaching Serie A side Inter Milan. Exceptional items in the previous year of  Sh797m related entirely to the buyback of retail, licensing and sponsorship rights.

The accounts also showed Chelsea received Sh32.8bn of increased funding from Russian billionaire owner Roman Abramovich in the year covered.

“The company has received confirmation from its parent undertaking that sufficient funds will be provided to finance the business for the foreseeable future,” the accounts added.

The Daily Telegraph reported that the firing of nine permanent managers in the Abramovich era had cost more than Sh11.9bn.

The club made a loss of Sh12.7bn after taxation, compared to a Sh7.9bn profit in 2017-18 and said this was due mainly to increased wages and salary costs as well as reduced profit on player sales.

Matchday income fell by Sh930m and broadcasting income dropped by Sh531m, with Chelsea playing in the Europa League last season compared to the previous year’s more lucrative Champions League.