Chelsea have announced losses of £68m for the year ending June 30, 2011.
The news is a blow to the Blues, who are trying to comply with UEFA’s upcoming financial fair play rules.
The figures may be skewed by some one-off payments last season, however. The Blues had to give compensation to former manager Carlo Ancelotti, while Roman Abramovic also paid $13.3m to Porto for new manager Andre Villas-Boas.
Chelsea also spent a joint £75m last January on Fernando Torres and David Luiz.
Chelsea’s turnover is up from £205.8m to £222.3m, however.
Chelsea Chairman, Bruce Buck, said: “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.”