Chelsea have posted deepening losses that have almost trebled due to high player costs and a "moribund" transfer market.
Bogarde is one of Chelsea's high wage earners
The club, which operates as Chelsea Village announced losses of £11.3m in the six months to end-December 2002, compared to a loss of £4m in the comparative period.
"The legacy of excessive player contractual costs and a
moribund transfer market, exacerbated by the introduction of transfer windows, are significant factors impacting our short term performance," said chairman Ken Bates in a statement.
One of Chelsea's players, former Dutch international Winston Bogarde is reportedly on a £40,000 a week contract, but has played just twice for the club since joining them in August 2000.
Turnover fell by six percent to £53.6m, mainly
due to a downturn in the club's travel agency business.
Chelsea Village's business also includes hotel and banqueting facilities.
Fourth in the Premier League and chasing a lucrative Champions League place, Chelsea are valued on the stock market at just under £24m.
Earlier on Monday, Premier League rivals Leeds posted debts of £78.9m.