Chelsea blames financial losses on sanctions on Abramovich

LONDON (AP) — Chelsea has reported losses of 121 million pounds ($148 million) in 2021-22. The club cites the sanctions imposed on former owner Roman Abramovich as a major factor. Abramovich was sanctioned by the British government last March as it sought to freeze the assets of individuals it believed had connections to Vladimir Putin following Russia’s invasion of Ukraine. Chelsea was placed under a special license that restricted the club’s ability to sell tickets, accept event bookings and even sign contracts with players. The restrictions remained in place until May when the club was bought by a consortium led by American businessman Todd Boehly.