chelsea record losses Chelsea are all set to reveal huge losses when the figures for the last financial year are published on Friday. The Premiership champions set a pre-tax loss record last year when they confirmed an £88 million deficit and have again this year recorded significant losses. Chelsea's financial security will never be in question while billionaire Roman Abramovich remains at the helm but the club have, despite their lavish spending, a plan in place to become a profit-making organisation. Abramovich has already released £240 million for the purchase of new players and with this type of spending unlikely to be curtailed, it could be several years before the financial plan put in place by chief executive Peter Kenyon and managing director Paul Smith is realised. Chelsea also paid out £25 million to Umbro this year in order to cancel their sponsorship contract with the sportswear giants.
