Chelsea makes biggest ever loss

The club spent £175m on new players last season, more than doubling its annual payroll to £115m.
Chelsea chief executive Peter Kenyon said the club aimed to break even by the financial year of 2009-2010.
He said: "Two years ago we were seen as streets paved with gold. That is over. Chelsea is now being run properly."
The club is "being run as a business", he said.
Manchester United's payroll at the same time was £77m. At the other end of the league, West Bromwich Albion's in 2003 was just £11.5m.
Wages gobbled up 76% of Chelsea's total income last year, way beyond what is considered prudent.
'Ruinous'
Mr Kenyon has vowed to bring down that figure to no more than 55%.
For almost any other British club, a financial imbalance on this scale would be ruinous.
Not so at Chelsea. Owner, Roman Abramovich, the Russian billionaire, underpins the club's finances with a loan of £115m.
Our squad was too large and too expensive
Peter Kenyon
Without his cash, Chelsea's auditors, KPMG, would not be able to sign off the business as a going concern.
The club's accounts for 2003-04, which have been seen by the BBC, will be lodged with Companies House on Monday.
Not surprisingly, many Chelsea supporters are worried about what might happen to their team if Mr Abramovich were to lose interest.

Kenyon says Roman Abramovich had not made a vanity purchaseThey remember only too well the previous record loss, announced by Leeds United in 2003, which led to the Yorkshire club nearly collapsing.
But Mr Kenyon insists that Blues fans should relax: "Roman is at Chelsea for the long run. He has bought in completely to the vision of making this club one of the biggest and best in Europe.
"This was not a vanity purchase for the owner. It's a serious investment with a long-term business plan."
Mr Kenyon, who was hired from Manchester United one year ago, has been spectacularly well rewarded for his 12 months at Stamford Bridge.
His total remuneration last year was £3.5m, which included a signing-on fee and compensation for loss of benefits at Old Trafford.
Few executives outside those with elite FTSE-100 companies can expect to earn anything like this.
Revenues
Last year, the club increased revenues by 40% to £152m, reflecting an excellent run to the semi-final of the European Champions League and stronger merchandising.
But Mr Kenyon said there is still a long way to go: "Our sponsorship income, match day receipts and TV revenues are all capable of significant growth."
Having dumped Umbro as its kit supplier, Chelsea has signed an eight-year deal with Adidas, worth £100m.