sport news Revealed: The Premier League's biggest wage bills after Chelsea leapfrogged two ... trends now
Chelsea's financial challenges have been laid bare after their wage bill soared beyond the £400million mark last season.
The Stamford Bridge club were second only to Manchester City last season when it came to paying players and staff - but didn't come close to replicating the success.
While City's £422.9m wage bill included many bonuses because they won the Treble, Chelsea spent vast sums on their bloated squad while finishing 12th in the Premier League table.
With a transfer market spend of over £1billion since Todd Boehly and Clearlake Capital arrived in 2022, the club's latest financial figures showed a loss of £89.9m for 2022-23.
This figure would have been significantly higher but for the £76.5m sale of two hotels at Stamford Bridge to a subsidiary of Chelsea's holding company.
Chelsea's wage bill soared above £400million during the 2022-23 season as their latest financial figures laid bare the financial challenges at Stamford Bridge
Chelsea owner Todd Boehly sanctioned over £1billion worth of spending after buying the club
Only Manchester City, with £422.9m, had a higher wage bill in the Premier League last season - but they managed to win the Premier League, FA Cup and Champions League
This deal will help Chelsea meet the Premier League's Profit and Sustainability Rules (PSR) and avoid sanctions such as points deductions but the club's wage bill continued to rise.
The £404m figure puts Chelsea's wages-to-turnover ratio at 79.2 per cent, one of the highest figures in the Premier League.
That sum is, however, believed to include substantial pay-offs for sacked managers Thomas Tuchel and Graham Potter last season.
Chelsea's highest-earning players include Raheem Sterling, believed to be on £325,000-per-week, and Enzo Fernandez on £315,000-a-week.
City and Chelsea are the only English clubs to have surpassed the £400m wage bill mark but City's wages-to-turnover ratio is a much more sustainable 59 per cent.
Chelsea leaped above Liverpool (£373m) and Manchester United (£331.4m) in the Premier League wages table for 2022-23, according to the latest sets of financial accounts published.
Liverpool's total showed a £7m rise for 2022-23, largely as a result of Mohamed Salah's improved deal.
Raheem Sterling is the biggest earner in Mauricio Pochettino's squad on £325,000-per-week
