We Can't Compete For Title At That Price

Last updated : 27 January 2006 By Footy Mad - Editor

Chelsea posted a record pre-tax loss of £140million!

Chelsea posted a loss of £87.8million for the financial year 2003-04, but the latest figures for the year ending June 30 2005 reveal the West London club have now lost £227.8million in the first two years of Roman Abramovich's ownership.

Chief executive Peter Kenyon says the club will turn it around ... within FOUR YEARS!

Peter Kenyon: "These figures reflect the continuing restructuring which we began in 2003. The overall loss is, in the main, down to some exceptional items that were necessary in order to help us achieve our strategic business aim of break-even by 2009-10.

"In simple terms we have taken some pain now for long term gain."