Chelsea dream of being self-sufficient remains as distant as ever after 68m losses
Chelsea have announced staggering losses of 68million as the pressure mounts for clubs to comply with UEFA's financial fair play rules.
The Blues – who bought Fernando Torres and David Luiz for a combined 75m last January – have posted their results for the year ended June 30, 2011. The figure is down from the previous losses of 70.9m.
Chairman Bruce Buck added: '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.
Expensive: Fernando Torres cost a British record 50m in 2011
'We would expect this to be reflected in our results for the current financial year.'
The news comes as another blow for the club, which once aimed to be self-sufficient by 2010, according to former chief executive Peter Kenyon.
Chelsea finish the January transfer window having spent 16m on Gary Cahill and Kevin de Bruyne.
Football finance experts believe the fair play rules have contributed to a dramatic slump in spending.
Alan Switzer, director of the sports business group at Deloitte, believes the financial rules – where clubs in European competition will only be allowed to spend what they earn – have played a part in the drop.
Latest arrival: Kevin de Bruyne has joined from Belgian side Genk
He said: 'Financial fair play has definitely had an impact. The 2011/12 season does now count towards the UEFA rules and that will be part of the consideration which clubs will be giving to any transfer.
'The likes of Chelsea and Manchester City have already been on record as saying they will take it into account in terms of their spending on transfers and wages.'
Chelsea also revealed record group turnover of 222.3m, up from 205.8m thanks to higher receipts from the Champions League and TV money.
Chief executive Ron Gourlay said: 'Achieving a record level of turnover is satisfying given the economic background against which we are operating.'