Chelsea losses mount

Peter Kenyon, the Chelsea chief executive could be touting his services to the treasury or British banking industry with his grasp of financial reality.

Not that long ago Kenyon was claiming that Chelsea would be self sufficient in terms of funding by July 2009.

A quick scan of the club's accounts show more significant losses in the period covered - £65.7m. As chief executive, surely Kenyon should have a better handle on the excesses at Stamford Bridge.

An ageing and bloated squad are the major expense with nearly £150m spent on wages, in addition over £23m has been spent on compensation for Mourinho and Grant.(an additional £7m will be needed to terminate Scholari's reign)


Abramovich is now in for almost £700m, and despite constant reassurances of the oligarchs commitment from the Chelsea PR machine - there seems little doubt that he has grown bored of throwing his money around in the transfer market.


The lack of activity in the transfer market means that whichever lucky manager takes control of the gravy train will need to sell before they can buy to re-structure an unbalanced squad.


Therein lies the problem, not many clubs will match the ridiculous contracts that have been handed out to average players, and resale values of many expensive signings have plummeted. The likes of Ballack, Deco and Lampard will be quite happy to see out their contracts at the Bridge, so generating significant funds will be difficult.

Hiddink has a tough short term challenge, and Juventus look overpriced to end Chelsea's European dreams this season (2.38 to qualify).

Another trophyless season looks on the cards - it couldn't happen to a nicer club.