By Adam Williams, Finance & Governance Correspondent

12th May, 2023 | 8:00pm

Sources: Chelsea hold internal review as £177m-plus target revealed

Chelsea identified commercial revenue as a key growth area in an internal review earlier this year, sources have told Football Insider.

Significantly, the West London side are on the hunt for a new sleeve and front-of-shirt sponsor, two of the most valuable assets in a club’s commercial inventory.

Todd Boehly’s new ownership team – who have spent £600m on new signings since the takeover in May last year – were unimpressed by the commercial situation they inherited from the Roman Abramovich regime.

It is understood that a survey of the club’s existing sponsorship arrangements has been conducted, which found significant scope for improvement in the breadth and value of their various arrangements.

Chelsea’s commercial revenue stood at £177m in 2021-22, lower than the club-record totals of £200m and £191m they earned in 2018-19 and 2019-20.

They trail Tottenham, Liverpool and the two Manchester clubs in terms of the money they earned from sponsorship and merchandise last season.

Sources have told this site that Chelsea are speaking to companies in the finance, technology and automotive sectors as they look to sign new sleeve and front-of-shirt partnerships.

The negotiations have taken on added significance given Chelsea’s precarious financial fair play position, which demands that the club raise revenue before they can spend in the transfer market.

That situation has been exacerbated by their failure to qualify for the Champions League or indeed European football of any kind next season.

They have recorded eye-watering losses of £399.2m in the last four seasons, the highest total in the Premier League by some distance.

In other news, Man City £40m offer for Chelsea star will be accepted.