The club were down £75.3m with a significant chunk of that as a result of the Blues paying compensation for terminating the club’s contract with adidas early.
Since the financial year, Chelsea announced a a new partnership with Nike, the largest commercial deal in the west London club’s history.
The club actually generated a £4.7m profit before incurring costs – including a financial settlement with Jose Mourinho following his dismissal as manager.
The group turnover figure of £329.1m was up five per cent on the £314.3m generated by the club in the year previous.
Matchday revenues meanwhile, remained the same, with Stamford Bridge continuing to sell-out at ticket prices frozen from the 2011/12 campaign.
As for commercial revenue, the club claim to have performed strongly on the back of their shirt sponsorship with Yokohama Tyres while broadcasting profits are up as a result of the mega TV deal for clubs who participated in last season’s Champions League.
Chairman Bruce Buck told the club’s official website:
‘The fact Chelsea Football Club recorded our highest revenues in a season when on-pitch performance was disappointing is a credit to our hard-working, dedicated staff and the robust business they have helped build.
‘It has long been our aim for the business to be stable independent of the team’s results and we continue to reinforce that.’