Chelsea have revealed they paid out a staggering £23million in compensation after sacking Jose Mourinho, Avram Grant and their backroom staffs.

The figure is included in the club's financial results, which show a £65.7m loss for the year ending in June 2008.

The bosses' compensation total - for the two former managers and five of their coaches - does not include the £7.5m due to Luiz Felipe Scolari who was sacked earlier this week.

The bulk of the money was paid to Mourinho who was axed in September 2007.

His replacement, Grant, lasted just eight months before being succeeded by Scolari last summer.

The Brazilian survived only seven months of a two-year contract and can expect another big pay-out following Guus Hiddink's appointment on a short-term basis on Wednesday.

Chelsea's latest numbers still mean the club are a long way short of chief executive Peter Kenyon's target of "operating" break-even by 2010. The figures also showed the club's turnover has risen by 12 per cent from £190m to £213m and the wage bill has gone up from £132m to £148m.

The losses will ultimately be covered by Chelsea owner Roman Abramovich, whose investment in the Blues is now estimated to have risen to £710m.

In a move intended to underline his commitment to Chelsea, the club are expected to announce the Russian has changed part of his investment from an interest-free loan into shares.

Having attended fewer matches in recent months, there had been growing speculation that Abramovich's interest in the club was diminishing.

Chelsea, however, vehemently denied a report last month which suggested he was looking for a buyer.

The club hope the share conversion will not only convince fans of Abramovich's ongoing commitment, but will also help defuse criticism, from figures such as UEFA president Michel Platini, over the size of Chelsea's debts.

In another move to scale back their debt, the board is aiming to pay for any purchases this summer by selling players.

The club's loss is an improvement on the £74m lost in the last financial year and £80.2m two years ago. It is also some way short of the record £140m announced by Chelsea in 2004/05.

Income was boosted by prize money from finishing runners' up in the Premier League and the club's run to the Champions League final.

The run in the Carling Cup —which ended in defeat to Spurs — will have generated extra home games and further revenue.

The Stamford Bridge finances were also supported by lucrative long-term sponsorship deals with adidas and Samsung.

The club were ranked fifth on the list of the world's richest clubs in 2007/08 — behind Real Madrid, Manchester United, Barcelona and Bayern Munich — but ahead of Arsenal.

However, Deloitte's Football Money League is based on turnover and does not take debt into account.