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Chelsea cut losses and post record turnover

A loss of 67.7 million pounds was an improvement from 70.9 million the previous year while group turnover increased to 222.3 million pounds from 205.8 million.

The increase in revenue was mainly due to higher receipts from the Champions League and a rise in income from an overseas broadcasting contract, the Premier League club said on their website.

"Achieving a record level of turnover is satisfying given the economic background against which we are operating," added chief executive Ron Gourlay.

The West London club said match day receipts and commercial revenue had held up well in the face of turbulence in the wider economy.

The figures cover a year when Chelsea, owned by Russian billionaire Roman Abramovich, splashed out a British record 50 million pounds to sign striker Fernando Torres from Liverpool.

The financial fair play rules of European football's ruling body UEFA, which come into force for the 2013/14 season, are designed to stop clubs spending more than their income.

Teams who fall foul of the rules face banishment from the Champions League and Europa League.

"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," chairman Bruce Buck said.

"We would expect this to be reflected in our results for the current financial year."