Chelsea set for MASS clear-out of players to meet FFP requirements after recording £121m annual loss

• Blues record £121m loss
• Want to sign Nkuku and more this summer
• But must sell several players

WHAT HAPPENED? The Times says Conor Gallagher, Mason Mount and others are likely on the chopping block as Chelsea try to meet Financial Fair Play regulations following a loss of £121 million ($149m) in the club's annual accounts for 2021-22. This term alone, the Blues have spent about £600 million on transfers since the start of last summer, not to mention the record fee they paid to hire Graham Potter from Brighton.

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THE BIGGER PICTURE: Current ownership blames the old regime, led by Roman Abramovich, for their precarious financial situation. Abramovich faced sanctions for his ties to Russia after the country invaded Ukraine, which Boehly and Co. think harmed the long-term prospects of the club.

"'During this period, the club was restricted in a number of areas including, but not limited to, its ability to sell matchday and season tickets, sell merchandise, accept event bookings, as well as sign contracts with players and commercial sponsorship partners, which collectively resulted in extraordinary expenses and loss of revenue," Chelsea wrote in a statement. "Furthermore, some of these limitations are also expected to have an impact on the financials in the following years due to the long-term impact from restrictions on entering into new contractual arrangements. "

AND WHAT'S MORE: Such losses recorded for 2021-22 do not take into account this season's mass expenditure, highlighting the difficult task at hand Boehly and Co. face in the summer. It may also mean recent plans for a new £2 billion ($2.5m) stadium are put on hold, if not cancelled altogether.

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WHAT NEXT FOR CHELSEA? Before their busy summer, Chelsea must win the Champions League to qualify for the competition next term, given their Premier League position almost certainly won't be good enough to earn a berth. European participation has a significant effect on financial stability because of the revenue gained from high-profile competition.