Chelsea reports annual losses of more than $80 million

Chelsea lost 49.4 million pounds ($81.7 million) in the year to June 30, after making a profit of 1.4 million pounds in 2011-12.
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''Our philosophy is we build upon success on the pitch and although in these financial results we haven't repeated the sizeable profits made the previous year from player transfers, we believe the age profile of the existing squad means we will benefit from that investment for many years to come.''

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