Kenyon put on the defensive after Chelsea post a £75m loss

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The huge deficit, revealed in their accounts for 2007, is a seven per cent reduction on the previous year, when they lost £80.2m, but is still one of the biggest in football history.

Shevchenko: salaries were key factor

Kenyon, the club's chief executive, said: "Our long-term target of operating profit break-even by 2009-10 remains ambitious but we are determined to meet it or get as close as we can."

Wages was a key factor after a full year of Andriy Shevchenko and Michael Ballack on the payroll and the cost of salaries has soared to £135m. Kenyon was, however, keen to stress that the club's wage bill as a percentage of turnover has fallen from 76 per cent to 71 per cent.

Chelsea's turnover increased by a massive 25 per cent to £190.5m, with the club boasting an overall figure of £223.3m when other businesses excluded from the accounts are added.

That puts them on a par with Arsenal but behind Manchester United in the Premier League rich list. Chelsea's long-term deal with adidas meant income from sponsorship almost doubled to £32m and on-field success in the Premier League, Champions League and FA Cup brought in revenue of £165.3m, up 27 per cent on the previous season.

Owner Roman Abramovich will cover the loss as he has done so every year since buying the club in 2003. In 2005, Chelsea posted a record loss of £140m.

Abramovich is still Chelsea's only source of borrowing, re-emphasising their dependence on his continued involvement. Kenyon insists the Russian remains committed to Chelsea and maintains the accounts also demonstrate significant business improvements.

Kenyon said: "We have expanded globally, have reduced our salaries as percentage of turnover, have continued to be successful on the field and have increased sponsorship revenue."