Chelsea announce big loss
Latest news update:
Chelsea have announced a total loss of £67.7million for the financial year ending June 30 2011.
The club revealed its operating loss had reduced from a figure of £70.9million as it aims to fall in line with UEFA's new financial fair play rules.
Transfer fees were a main contributor to the loss while the club was able to declare a record group turnover of £222.3million.
The figure stood at £205.8million last year and increased thanks to higher receipts from the Champions League together with a rise in income from the central Barclays Premier League television contract relating to overseas broadcasting.
Chelsea chairman Bruce Buck told the club's official website: "The club is focused on complying with the requirements of UEFA's financial fair play regulations while maintaining its ability to challenge for major trophies. We would expect this to be reflected in our results for the current financial year."
Chelsea chief executive Ron Gourlay added: "Achieving a record level of turnover is satisfying given the economic background against which we are operating."