Even though Chelsea recently spent a record-breaking £50 million ($79.5 million) to obtain Fernando Torres from Liverpool, their bank roll took an even bigger hit last season.
The Associated Press reported that last season Chelsea lost £70.9 million ($113.7 million) despite winning the Premier League and FA Cup.
Their chief executive, Ron Gourlay, announced the financial results for the year on Monday, revealing the club's revenue increased by 1.2 percent to £205.8 million ($330 million), but the losses were due to the value of its roster.
"The reduction in operating losses and increased sales in 2009-10 shows that we are moving in the right direction, especially when viewed against the difficult macroeconomic environment," Gourlay said. "The club is in a strong position to meet the challenges of UEFA 'financial fair play' initiatives, which will be relevant to the financial statements to be released in early 2013."
Starting in 2012, all teams in debt from soccer-related business will be restricted from European competition, a new rule established by the UEFA. If Chelsea is still in debt by then, the club will be unable to compete in the Champions League the following season.
