According to The Times, Chelsea football Club (FC) has made a profit of almost £200million from selling its women's team and other subsidiaries to the club's parent company in a move that helped it to avoid breaching the Premier League's Profitability and Sustainability Rules last season.

The paper writes: "The figure of £198.7million was revealed on Chelsea's website, although the club's full 2023-24 accounts have yet to be published.

"It is believed that the value of the women's team alone was considerably more than £150million.

"A profit on player sales of £152.5million also helped Chelsea to register an overall net profit of £129.6million despite revenue falling from £512.5million to £468.5million due to the men's team not competing in the Champions League.

"The figures suggest the club had operating losses of about £170million."

The Premier League's 20 clubs have decided against closing a loophole that allows clubs to register income from selling assets to sister companies.

The Times reveals that Chelsea previously registered the sale of two hotels to a sister company for £76.5million.

This means, however,  that Chelsea is likely to be in breach of Uefa's financial rules as its rules do not allow for clubs to register income from selling assets to sister companies.

The club transferred ownership of the women's team to Blueco 22 Midco Ltd on 28 June, two days before the 30 June deadline for 2023-24 finances to be registered.

The Times writes: "The paper value of Chelsea Women of more than £150million would make them the second most valuable women's team in the world behind Angel City in the United States, where women's football is commercially more successful — it was bought for £190million last year."

Chelsea said in a statement: "The profit for the year before taxation was £128.4million compared with a loss of £90.1million for the prior year as the club benefited from increased profit on disposal of player registrations and repositioning of Chelsea Football Club Women Ltd.

"This new approach will ensure CFCW has dedicated resources, management and commercial leadership solely focused on the growth and success of the women's team."