Chelsea in the red again as champions post £70m loss

Chelsea have posted another enormous loss, despite a successful Double-winning season.The Blues lost ?70.9m last season despite winning both the Premier League title and FA Cup.Announcing financial results for the 12 months to June 30, 2010, Chelsea said turnover increased by 1.2 percent to ?205.8m but that a reduction in the value of its squad was the main reason for the loss. Champions: But Chelsea have still posted an enormous lossChelsea chief executive Ron Gourlay highlighted the fact that the club has become cash positive, with a surplus of ?3.8m, compared to an outflow of ?16.9m for the previous season.'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.'UEFA will ban clubs from its European competitions, including the lucrative Champions League, from 2012 if they go into debt on football-related business.'That the club was cash generative in the year when we recorded a historic FAPL and FA Cup double is a great encouragement and demonstrates significant progress as regards our financial results,' chairman Bruce Buck said. Russian billionaire Roman Abramovich has bankrolled Chelsea since his takeover in 2003, during which time the Blues have claimed three league titles and three FA Cups.In 2009, he converted ?340m of interest-free loans into equity to make the club debt-free.Chelsea's chances of retaining its Premier League title have been hit by a dreadful run of results.And finances will be hit further if they manage to complete their signing of Liverpool superstar Fernando Torres for ?50m. Liverpool set to accept British record ?50m bid for Torres from ChelseaWhy does Torres want to leave? The Reds just don't win enough trophies, insists former star Garcia  Explore more:People: Roman Abramovich, Fernando Torres, Bruce Buck Places: Liverpool

Source: Daily_Mail