Chelsea announces $34.8 mn losses over past year

London: English football club Chelsea announced that it has endured losses of 23.1 million pounds (around $34.8 million) over the past year.

Chelsea has recorded revenues of 314.3 million pounds ($474 million), 5.5 million pounds ($8.3 million) less than the previous year, the London club declared on Tuesday, reports Efe.

"Chelsea Football Club has been consistent in our intention to comply with FFP and it was a primary aim in the past financial year to be one of the clubs with a continuous record of meeting the regulations, which we have achieved," Chelsea president Bruce Buck said in a statement.

Russian billionaire Roman Abramovich, owner of Chelsea, said he expects the club's revenues to increase during the next fiscal year, thanks to a record-breaking partnership with Japanese company Yokohama, which will provide the club with around 40 million pounds a year ($60.3 million).