( CNN ) -- Chelsea 's onfield successes this year have led to the European soccer champions ' first financial profit during the nine-year reign of owner Roman Abramovich . The Russian billionaire has bankrolled the English Premier League club since buying it for a nominal fee in 2003 , posting big losses every year since then as he has sanctioned spending sprees to sign some of the sport 's biggest players . Last year ended in a loss of £67.7 million ( $ 108 million ) but the figures up to June 30 , 2012 reveal a profit of £1.4 million ( $ 2.2 million ) . Chelsea also announced on Friday that it had made a record turnover of £255.7 million ( $ 407 million ) -- which it said is the fifth largest of any European club . That was a boost of £33 million ( $ 52 million ) from last year , driven by the club 's first UEFA Champions League title and a profit on player sales of £28.8 million ( $ 46 million ) . The latter figure came despite offloading players such as Didier Droga , Nicolas Anelka and Salomon Kalou on free transfers while spending big on Juan Mata and Romelu Lukaku in that period . In comparison , Premier League rival Arsenal -- which has a more prudent transfer policy -- made a profit of £30.6 million ( $ 48 million ) on turnover of £243 million ( $ 386 million ) in figures released in September . Another key element in Chelsea 's finances is that £166.6 million ( $ 265 million ) of intergroup debt was capitalized into equity -- effectively personal loans to the club written off by Abramovich -- to leave the club debt free . Chelsea is one of the clubs under the financial spotlight following the implementation of UEFA 's new financial fairplay rules , which require teams to be self sufficient and limit the amount that benefactors such as Abramovich can spend with no expectation of return . If they do n't meet these targets , which are being phased in over a number of years , then clubs face expulsion from top European competitions . `` The big challenge is always to have a successful team on the field that wins trophies and to make a profit at the same time , '' said Chelsea chief executive Ron Gourlay . `` The objectives have been set across the whole business , from the Academy to Under-21s and all the way through to the first team . `` Our club philosophy is built on success . We had that success on the field this year , as we were the first London team to win the UEFA Champions League , and we enjoyed it off the field as well and this helps us inject financial investment into the team . '' Chelsea has also sought to boost its income streams , signing a three-year global energy deal with Russian corporation Gazprom in July while also taking full control of its digital media operations . `` We 're in favor of Financial Fair Play , '' manager Roberto di Matteo told reporters on Friday ahead of this weekend 's home clash with Liverpool . `` We 're doing everything in our power to comply with the new rules , and this is great news for the club . `` For the first time , we 've been able to achieve a profit -- also thanks to the success on field , but off field as well , with new sponsor deals and also the transfer market . `` Going forward , I think that puts Chelsea in a strong position to remain competitive at domestic level but also international level . '' It has been a mixed season so far for Chelsea , with impressive onfield performances marred by racism controversies . Captain John Terry has just completed a four-match ban for abusing a black opponent a year ago , while the club has lodged a complaint against EPL referee Mark Clattenburg over alleged racist remarks made to Nigerian midfielder John Obi Mikel . A Chelsea fan has also been arrested for making an alleged monkey gesture towards a Manchester United player during last week 's English League Cup match at Stamford Bridge .
Chelsea announces profit of $ 2.2 million for the period ending June 30 , 2012 . It is the first time the English club has been in black since Roman Abramovich took over . Comment: Club says it now has the fifth largest turnover of any team in Europe .