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Kenyon wins ?3.5m bonanza despite Chelsea's ?90m loss
By Abigail Townsend
30 January 2005
Chelsea Football Club will tomorrow reveal that its chief executive, Peter Kenyon, was paid ?3.53m last year - as the club slumped to a ?90m loss, the biggest in its 100-year history.
Full-year results from the club, which is owned by Russian billionaire Roman Abramovich, will show that despite a 40 per cent jump in turnover, pre-tax losses came in at ?87.8m.
The loss is largely down to payroll costs of ?115.5m, the bulk of which is player wages. It represents around 76 per cent of turnover, a rate Mr Kenyon admitted was too high. "You don't need to be a mathematician to work out that is not sustainable. We clearly had a squad that was too large and too expensive."
By Abigail Townsend
30 January 2005
Chelsea Football Club will tomorrow reveal that its chief executive, Peter Kenyon, was paid ?3.53m last year - as the club slumped to a ?90m loss, the biggest in its 100-year history.
Full-year results from the club, which is owned by Russian billionaire Roman Abramovich, will show that despite a 40 per cent jump in turnover, pre-tax losses came in at ?87.8m.
The loss is largely down to payroll costs of ?115.5m, the bulk of which is player wages. It represents around 76 per cent of turnover, a rate Mr Kenyon admitted was too high. "You don't need to be a mathematician to work out that is not sustainable. We clearly had a squad that was too large and too expensive."
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