I took a look at their accounts. It's like an accountant's version of rubber-necking a huge pile-up on the M6.
Two key points to raise:
LOSSES
At first glance, a reduction in their losses from £140m in 2020 to £121m in 2021 looks like it might be the beginning of a turn-around. However, if you strip out their estimates of covid impact and exceptional costs, the adjusted losses are £15m for 2020 and £84m for 2021 - i.e. things are getting worse as far as their ordinary, underlying business is concerned.
Plus, you also have to ask, if they have huge "exceptional costs" every year (a big chunk of which relates to writing down the value of their playing squad), are they really exceptional or just a symptom of poor management?
FUNDING
Moshiri (Usmanov?) had to prop them up with another loan of £90m during 2021 (up from £40m the year before) and has put in at least another £97m since the year end (so current year will be just as much of a shit-show as 2021). NB, the accounts were signed off at the end of October 2021 so if he has had to put more money in since, this wouldn't be mentioned - he had to put £97m in just for the first 5 months of 2021-22!
They are following the model of Abramovich - spending beyond their means and propped up by loans from their controlling shareholder. The difference is, of course, under Abramovich, Chelsea bought good players and won stuff.
The accounts were also signed off before Usmanov was sanctioned, so there's no commentary on the effect that might have.