LONDON (AP) — Chelsea posted a 121 million pound ($148 million) loss in 2021-22, with the club on Monday citing sanctions against former owner Roman Abramovich as a major factor.

Abramovich was sanctioned by the British government last March for trying to freeze the assets of people believed to have links to Vladimir Putin after Russia invaded Ukraine.

Chelsea were placed under a special licence, which restricted the club’s ability to sell tickets, accept event bookings and sign contracts with players. These restrictions remained in place until May, when a consortium led by American businessman Todd Boehly bought the club.

In a statement, Chelsea said the restrictions “resulted in extraordinary costs and loss of revenue”.

“Furthermore, some of these restrictions are expected to have an impact on finances in the coming years due to the long-term impact of restrictions on entering into new contractual arrangements,” Chelsea said.

Chelsea said turnover increased by 47.6 million pounds ($58.4 million) to 481.3 million pounds ($590 million) in the last financial year ending June 2022.

The financial results do not include the club spending around $630 million on new players in the last two transfer windows.