Chelsea reveal losses

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Chelsea have been left counting the cost of recent managerial upheaval after announcing losses of £65.7 million for the last financial year.

In a statement released on Friday the Barclays Premier League club confirmed it had achieved "record group turnover and reduced losses for a third successive season" but revealed £23.1m had been paid in compensation to two first team managers and five coaching staff.

The results for the financial year ending June 30, 2008 include severance payments made to former Blues managers Jose Mourinho and Avram Grant.

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