Chelsea announce new losses

Chelsea announce new losses

Bogarde is one of Chelsea's high wage earners

Chelsea have posted deepening losses that have almost trebled due to high player costs and a "moribund" transfer market.

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.

Leeds cash crisis deepens

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