(Reuters) – Chelsea posted £ 32.5 million ($ 44.44 million) in profits last fiscal year despite the economic impact of the COVID-19 pandemic, the Premier League club said.

FILE PHOTO: Soccer Soccer – Premier League – Chelsea – West Ham United – Stamford Bridge, London, UK – December 21st 2020 General view of the corner flag being sprayed with disinfectant pool via REUTERS / Catherine Ivill

Chelsea said sales for the year ended June 30, 2020 were £ 407.4 million, up from £ 446.7 million the previous year.

But the West London club was able to make a profit due to its qualification for the Champions League and income from the sale of players.

Chelsea sold Belgian winger Eden Hazard to Real Madrid last summer for € 100m and discharged Ola Aina, Tomas Kalas and David Luiz, among others.

Broadcasting revenues were down £ 17.6 million, while matchday revenues were down £ 12.2 million due to the season break.

However, the effects of the pandemic have been partially offset by lower game day costs due to the postponement of the games.

Chelsea also said they were on track to make record profits and sales if the pandemic hadn’t hit their finances.

“Like many companies, the pandemic has had a significant impact on Chelsea’s income, but it is a sign of the strength and stability of our financial business that the company has still been able to make a profit,” said chairman Bruce Buck.

“Despite the impact of COVID, revenue streams have remained strong, our team is developing on the pitch and the club is in a good position to keep growing if football can function as it did before.”

Chelsea, who are sixth in the table with 26 points from 16 games, will host Manchester City on Sunday.

Reporting by Arvind Sriram in Bengaluru; Adaptation by Kim Coghill