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Chelsea reduce losses to 80.2m

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    Posted: 19 February 2007 at 12:41pm
Chelsea have announced losses of 80.2m for the financial year to June 2006.
Costs at the Premiership champions have been cut by 42.9% and keep the big-spending Blues on target to break even by 2009-10.
The losses are 60m down on the 140m deficit recorded in 2004-05 and are the lowest in three years recorded under Russian owner Roman Abramovich.
"We are not spending as much as we used to do on wages and they are more manageable
"That positive trend will only continue as, for example, this year end does not take into account the benefits of our adidas deal.
"Last year we took some painful decisions in order to help us achieve our long-term business aims. This year's figures prove that was the correct decision.
"With increasing sponsorship income, television revenue, and ongoing success on the field, those positive trends are projected to continue."
Abramovich has now spent in the region of 500m at the London club, who are second in the Premiership and battling for silverware on four fronts this season.
The bulk of the new income comes from shirt sponsorship with Samsung and next year's accounts will show the benefits of the 13m-a-year kit deal with adidas as costs start to fall.

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