Chelsea have announced losses totalling £49.4 million for the year ending June 30, 2013.
The group turnover of £255.8m is a club record, but becoming the first reigning champions to be eliminated at the Champions League group stage saw a drop in income.
However, including the £1.4m profit from 2012, Chelsea insist they are at no risk of falling prey to the Financial Fair Play regulations.
Chelsea chairman Bruce Buck said: "From the very beginning of the current ownership of Chelsea, a long-term objective was financial sustainability, and the subsequent implementation of Financial Fair Play by Uefa and by the Premier League has brought that to the top of the agenda for football clubs.
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