Chelsea FC sold its women’s team for £200 million ($257 million based on the exchange rate when sold). It is a record for a women’s soccer club, topping the $250 million valuation when Willow Bay and Bob Iger bought control of the NWSL’s Angel City FC last year.
But this was not your typical sports team deal. Chelsea’s owners, Todd Boehly and Clearlake Capital, sold the women’s team to themselves.
This week, Chelsea reported its financial results for the 2023-24 season, showing revenue of £468.5 million ($604 million based on current exchange rates). It marked a 9% decline from the previous year, but the eye-popping number was the pre-tax profit of £128.4 million ($166 million) versus a loss of £90.1 million ($116 million) a year earlier.
The footnotes offered a window into the team’s outsized profit, as they revealed the sale of Chelsea Football Club Women Ltd on July 28 to Blueco 22 Midco Limited, which is a “fellow subsidiary of the immediate parent, Blueco Limited.” The Chelsea valuation has raised eyebrows as their revenue in 2023-24 was just $14.7 million, resulting in a 17.4 revenue multiple on the sale. Angel City generated an estimated $35.4 million in revenue, per Sportico’s NWSL team valuations. ACFC sold for just over seven times 2024 revenue.
Chelsea women’s team also lost $11.2 million.
The valuation is subject to the Premier League’s assessment. “The sale agreement contains a clause requiring an adjustment to the consideration receivable in the event that the Premier League’s determination of the fair market value differs from the £200.0m recognized,” per Chelsea’s financial footnotes.
Chelea pulled a similar financial play last year by selling a pair of hotels to a related company for $101 million to comply with profit and sustainability rules. The Premier League approved that sale, but it is still assessing Chelsea’s women’s team deal, according to The Athletic. UEFA must also approve the sale, and The Times reported Saturday that the governing body will not allow the club to use the proceeds to offset losses with a fine likely.
UEFA did not respond to a request to comment.
The value of women’s soccer teams has skyrocketed. Five years ago, most NWSL teams were worth $2 million to $3 million, which is what Angel City and San Diego Wave paid for expansion teams. In September, Sportico valued the average NWSL club at $104 million, up 57% from the prior year. Values are up again with the latest expansion price of $110 million in Denver, more than double the $53 million Boston agreed to pay in September 2023.
Chelsea has won five straight titles in the Women’s Super League, and their revenue ranks third among European women’s teams, according to Deloitte, with FC Barcelona Femení and Arsenal Women on top and both a tick under $20 million in revenue.
The business of the NWSL is more developed, and four clubs generated more than $20 million last year, but only Angel City and the Kansas City Current ($182 million) are worth more than $150 million, by Sportico’s count.
