ESPN Singapore

Chelsea announced pre-tax losses of £262.4 million ($349.1m) for the year ending June 30, 2025 on the same day it was revealed they had spent significantly more on agents' fees than any other English club this season.

The loss was attributed by the club to higher operating costs compared to the 2023-24 season, and smashed the previous highest pre-tax loss posted by Manchester City in the 2010-11 season.

The west London club posted a profit of £128.4m ($170.8m) in the previous year's accounts, boosted by the sale of the women's team to Blueco Midco -- a subsidiary company -- for almost £200m ($266.3m).

A UEFA report published in February put Chelsea's 2025 losses even higher -- at €407m (£355m) -- but sources close to the club said that was due to the differing reporting requirements of European football's governing body.

Later on Wednesday the Football Association published its annual report examining what clubs spent on agents' fees in 2025-26.

Chelsea spent by far the most of any Premier League club -- £65.1m. Aston Villa were the next biggest spenders on £38.4m, with English top-flight clubs spending £460.3m in total.

Sources close to the club say the agents' fee figure was high in part due to the club making record Premier League sales during last summer's transfer window -- fees are still paid even by the selling club.

Chelsea reported revenue of £490.9m, the second-highest on record for the Blues. This included some of the money earned from last summer's triumphant Club World Cup run, the club said.

Despite the record loss, Chelsea were deemed compliant with the Premier League's profitability and sustainability rules (PSR) for the three-year period ending 2024-25.

The rules allow for maximum losses of £105m over three years, but some of the losses clubs post in their financial reports can be added back under PSR -- spending on infrastructure, youth development and women's football for instance. It is understood certain 'add backs' meant Chelsea were compliant.

Sources close to Chelsea are believed to be confident the club are now fully structured to comply with all regulatory requirements, and expect to remain compliant.

That is understood to include compliance with UEFA's football earnings rule. Last July, Chelsea were fined €20m (equating to £17.3m at the time) for breaching the rule, with a further fine of over £50m payable if compliance was not achieved over a four-year period.

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The club did not publish the full financial report on their website on Wednesday morning, but it is understood the accounts have been submitted to Companies House and should be published in due course.

Chelsea are forecasting revenue of over £700m for the 2025-26 season.

Chelsea had spent around £1.5 billion ($1.9m) on transfers as of last summer since the new ownership group featuring American businessman Todd Boehly bought the club from Russian billionaire Roman Abramovich in the summer of 2022, but club sources say their transfer sales figures last summer were the highest in Premier League history.

Chelsea are understood to be anticipating a financial rather than sporting sanction from the FA after admitting to breaches of its rules regarding payments to agents under the ownership of Abramovich.

Any fines incurred are set to be covered by money held back by the Boehly consortium in the purchase of Chelsea.

The club avoided a points deduction after entering into a sanction agreement with the Premier League, which also investigated £47.5m of undisclosed payments during the Abramovich era. Chelsea were fined £10.75m and given a suspended one-year transfer ban as recognition of the co-operation it gave to the Premier League.

Chelsea also announced on Wednesday that their women's team (Chelsea Football Club Women Ltd) posted a loss of £17.1m, despite generating £21.3m in revenue.

Tottenham Hotspur supporters protested the ownership of the club ahead of the Premier League game against Southampton on Sunday with many chanting that chairman Daniel Levy should "get out of our club."

Spurs are 16th in the Premier League having only won 10 games of 30 in the competition this campaign, including 16 defeats.

Change For Tottenham organised the protests and said they are upset with owners Enic and Levy "whose tenure has been marked by financial growth but, in the eyes of many, sporting decline."

The Enic Group, a British investment company, took over Tottenham in 2001.

Levy has come under frequent criticism during his time at Spurs, with supporters voicing frustration at the club for not always spending as much as their rivals in the transfer market and failing to ensure their on-pitch exploits match up to their commercial success.

In quotes reported by BBC Sport, Change For Tottenham said: "Many lifelong Tottenham supporters feel alienated by the club's ownership and direction.

"The New Tottenham Hotspur Stadium is a state of the art facility, but at what cost? Ticket prices are among the highest in the Premier League, forcing many fans, some of whom have supported Spurs for decades, to give up their season tickets or attend fewer games.

"For years the team has lacked investment in key areas, particularly in defence, while transfer windows have felt reactive instead of proactive. The result? Another trophy-less season looms, extending a drought that has lasted since 2008."

"Time for change," "enough is enough, Enic out!" and "built a business, killed a football club," were some of the messages featured on banners at the protest Chants included "we want Levy out", and "Daniel Levy, get out of our club."

A number of Spurs supporters took part in a protest against Levy and the club's ownership before the team's Premier League match against Manchester United in February.