English Premier League football club Chelsea have been left counting the cost of recent managerial upheaval after announcing losses of £65.7m for the last financial year.
In a statement, the club said it had achieved 'record group turnover and reduced losses for a third successive season'. But it revealed that £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 managers Jose Mourinho and Avram Grant.
