Chelsea lose £74 million

Chelsea have shown £74 million losses in their financial results for the year before June 2007. The loss was, however, a small improvement on last years results.

In the 2004-05 season Chelsea's loss was 140 million pounds. It was then reduced to 80.2 million pounds and has gone down by a further seven percent this time.

Chelsea have previously set a target of breaking even by 2009-10, but chief executive Peter Kenyon admits the target may be optimistic.

"Our long-term target of operating profit break even by 2009/10 remains ambitious but we are determined to meet it or get as close as we can," he said.

"In the meantime we have made good on our pledges of last year, hitting all of our aims."