The group turnover figure grew to £446.7m from £443.4m the previous year. After two profitable years in 2017 and 2018, the Group recorded a loss of £96.6m for the year ended 30 June 2019, reflecting a number of player acquisitions and its related costs, as well as a lack of Champions League football together with costs associated with the change of first team management.

Despite recording a loss for the 2019 financial year, the Club continues to comply with UEFA’s break-even criteria under the Financial Fair Play (FFP) regulations.

Revenue from commercial activities grew by £14.5m, following the signing of several partnership deals including Hyundai, Vitality Health, MSC Cruises, Unilever, Beats by Dre and Millennium & Copthorne Hotels, and increased revenues from online merchandise sales.

Broadcasting and matchday revenues decreased by £3.9m and £7.3m respectively, primarily as a result of the Club’s participation in the Europa League as opposed to the Champions League in the previous season.

The Club also invested a record £280.6m in the playing squad during the year, including the acquisitions of Kepa Arrizabalaga, Christian Pulisic, Mateo Kovacic and Jorginho.

Chairman Bruce Buck said: ‘Consistent revenue growth and careful financial management over recent seasons has allowed the Club to make significant levels of investment in the playing staff whilst maintaining compliance with UEFA Financial Fair Play regulations. This has contributed to another Europa League victory at the end of the 2018/19 season and a return to the highest level of European competition.

‘This solid commercial foundation, allied to a young and exciting team now led by Frank Lampard, means that the Club is well placed to sustain its pursuit of success both on and off the pitch as well as maintain its financial stability over the coming years.’