Chelsea chief executive Peter Kenyon has signalled the end of the London club's unprecedented spending spree.
With Chelsea reportedly set to announce record pre-tax losses for a British club of £88million, Kenyon told the BBC: "Two years ago we were seen as streets paved with gold - that is over. Chelsea is now being run properly, it is being run as a business."
The club's accounts for 2003-04 will be lodged with Companies House tomorrow. They will reportedly show Chelsea - bankrolled by Russian billionaire owner Roman Abramovich - spent £175million on new players last season, more than doubling their annual payroll to £115million.
The money has improved on-the-field performance considerably, with Chelsea top of the Barclays Premiership, in the final of the Carling Cup and still contesting the FA Cup and Champions League this season.
With wages said to have accounted for 76 per cent of Chelsea's total income last year, the club relied on a loan from Abramovich to cover the bill.
Fans fear Chelsea will be in financial ruin should Abramovich leave, but Kenyon has told supporters not to worry.
"Roman is at Chelsea for the long run. He has bought in completely to the vision of making this club one of the biggest and best in Europe," he said. "This was not a vanity purchase for the owner. It is a serious investment with a long-term business plan."
Although revenues reportedly climbed by 40% to £152million, aided by a run to the Champions League semi-finals and stronger merchandising, Kenyon believes that figure can grow substantially.
"Our sponsorship income, match day receipts and TV revenues are all capable of significant growth," he said.
Chelsea have recently confirmed an eight-year kit sponsorship deal with adidas worth almost £100million. As well as increasing income, Kenyon will set some aggressive targets for reducing the club's payroll.
Manager Jose Mourinho is happy to work with a squad of 24 players and, looking back, Kenyon admitted: "Our squad was too large and too expensive."
