Chelsea Announces £18.4 Million Profit for Latest Financial Year

Premier League leaders Cheslea have announced a profit of £18.4 million over the last financial year and a record turnover of £319.8 million.    

The results, reported on the club's website, are from the year ended June 30, 2014, and ensure that the Blues satisfy UEFA's Financial Fair Play regulations, which require clubs to break even.

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Since Roman Abramovich took over the Stamford Bridge outfit in 2003, Chelsea have been viewed as a reckless club when spending is involved, often accused of splurging money on players with no regard for balancing the books.

However, Jose Mourinho's very effective summer signings saw David Luiz and Romelu Lukaku depart for a combined £78 million, almost exactly what it then cost to bring in Cesc Fabregas, Diego Costa and Filipe Luis, per Tom Sheen in The Independent.

As chairman Bruce Buck highlights, Chelsea have managed to stay competitive on all fronts while making a profit, per the club's website:

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The club is naturally pleased to record a significant profit for 2013/14. By reaching the Champions League semi-final and maintaining a challenge in the Premier League until the final week of the season we demonstrated that, while improving our financial figures, we remained competitive in football’s toughest club competitions. We financed player purchases from sales as the squad for this current season was shaped, and our philosophy since Mr Abramovich acquired the club in 2003 has been to build upon success on the pitch. 

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Indeed, after a third-place finish in the Premier League last season, Chelsea seem to be a class apart in the English top flight this term—much helped by astute summer purchases—with football writer Jonathan Wilson indicating there is even room for improvement, per Bleacher Report UK:

It is ominous news for the rest of the Premier League that Chelsea are able to reach such levels whilst living within their means but terrific news for Blues fans as the long-term health of their club looks in good shape.