Must sell before we buy - Kenyon - Sport in brief

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Despite the losses, Chelsea insist they are committed to breaking even by 2010 - but that means very limited funds available for new signings.

Kenyon said: "In line with our long-stated business aims, any squad structuring in the summer will be funded prominently by sales as we have consistently reduced our net transfer spend over the last five years and will attempt to continue this trend."

He added: "We have set ourselves ambitious targets... to require zero cash funding from the owner at the beginning of the financial year 2009/2010.

"We have consistently advocated the aim of self-sufficiency which has always been supported by the owner. We are hopeful of being close to these targets in the time-frames we have set given the underlying strengths of the business.

"Success on the field is a key part of this."

The latest figures include £23.1million paid in compensation to Jose Mourinho, Avram Grant and five coaching staff. It does not include any pay-off for Luiz Felipe Scolari, sacked on Monday, however.

The figures do represent another improvement after last year's losses of £74.8million, £80.2million the previous year, and record losses of £140million in 2004/2005.

Chelsea's wage bill remains comfortably the biggest in the Premier League at £148.5million 70.6% of their turnover. Manchester United' by contrast was £106million in 2006/7, 43.6% of turnover.

Chelsea owner Roman Abramovich has also reduced the debt the club owe to him personally by half, turning the £369.9million of his loans into shares in the club. It still means however that Chelsea owe him £339.8m as an interest-free loan.