Premier League champions Chelsea have unveiled losses of £80.2m for the financial year to the end of June 2006 although the debt has been cut by 42.9 percent from the previous 12 month period.
The figures are the lowest level of debt that the club has reported since Russian owner Roman Abramovich took over three years ago and keeps Chelsea on track for its break even target of the 2009/10 season.
‘These figures demonstrate the business is moving in the right direction,’ said Chelsea chief executive Peter Kenyon.
‘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.’