Chelsea has reduced losses slightly in its last financial year as the club tries to comply with new UEFA financial controls.

Announcing its results for the 12 months to June 30, 2011, the west London club says losses had been reduced to 67.7 million pounds ($109 million) from 70.9 million pounds ($106 million) the previous year.

Turnover increased by less than 10 percent to 222.3 million pounds ($357 million) from 205.8 million pounds ($330 million).

Chelsea Chairman Bruce Buck says the club "is focused on complying with the requirements of UEFA's financial fair play regulations while maintaining its ability to challenge for major trophies.''

Roman Abramovich has bankrolled Chelsea since his takeover in 2003. Chelsea failed to win a trophy last season.

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.