Chelsea announce £65.7m losses for 2007/08

English giants Chelsea FC have announced losses for £65.7m for the financial year ended 30 June 2008.

The London club also revealed that half of the interest free loans taken from Chelsea Ltd ( owner Roman Abramovich) had been converted into equity.

Chelsea’s financial losses over the years :-

2004/05 financial loss :-£140m
2005/06 financial loss :- £80.2m
2006/07 financial loss :- £74.8m

The club also revealed £23.1m out of £65.7m was towards extra ordinary items, indicating the amount paid as compensation to former managers Jose Mourinho and Avram Grant and five other staff.

The club also announced that it had 110 million core fans across the world, an increase of 20 million on the previous survey conducted by TNS Ltd.

Wages and salaries paid by the Blues were £148.5m before exceptional payments, a rise of £16.5m from last year, and £171.6m after exceptional payments.

Shareholder loans have been reduced to £339.8m while shareholder equity has increased to £369.9m.

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