What's the cost of no Champions League football?

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Whoever Chelsea appoint as their next head coach - with former Real Madrid manager Xabi Alonso, Bournemouth boss Andoni Iraola and Fulham's Marco Silva among those in contention - will have to navigate the forthcoming transfer window astutely.

In their recently published 2024-25 accounts, Chelsea reported a Premier League‑record £262m pre‑tax loss despite bringing in £490.9m in revenue - the club's second highest ever.

Following their triumph in last year's Club World Cup and a now rare season in the Champions League, Chelsea are predicting revenues will increase to £700m in next year's accounts.

However, forward Cole Palmer said in an interview this month that "everything changes" without Champions League football.

Chelsea earned approximately £78.9m in prize money for reaching the last 16 of European club football's premier competition this season compared to about £15m for winning the Conference League in 2025.

A conservative estimate would suggest those Champions League earnings rise beyond £100m when ticketing, hospitality and sponsorship revenue are included.

Accounts from parent company 22 Holdco Limited show transfer activity is a major factor behind the substantial losses, and the success of the men's team is a "clear driver" of revenues - while Chelsea are reliant on owner funding and loans to subsidise the club, which has long-term implications.