Chelsea make record off-pitch loss
 |  Loss leader. Abramovich's millions have funded unprecedented success for Premier League Chelsea. |
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LONDON, England -- Quadruple-chasing Chelsea have set an unwanted record off the pitch with record English football losses of 88 million pounds ($166 million) in 2003-04, their first season under the ownership of Russian billionaire Roman Abramovich.
Pre-tax figures filed at Britain's Companies House on Monday surpass the previous 'best' of 49.5 million pounds by Leeds in 2003.
But backed by Abramavich's vast fortune the loss is unlikely to worry Chelsea, unlike debt-ridden Leeds.
Chelsea are on course to win the English Premier League and are still involved in the Champions League, the English League Cup and the FA Cup.
"Two years ago we were seen as streets paved with gold. That is over. Chelsea is now being run properly. The club is being run as a business," chief executive Peter Kenyon told the BBC.
Abramovich, the main shareholder in Russian oil firm Sibneft, wiped out 80 million pounds worth of debt after buying Chelsea for 60 million pounds in July 2003. He has since spent around 200 million pounds on players.
But on the football front the the Russian's investment has paid off under the guidance of Portuguese coach Jose Mourinho.
Mourinho replaced Claudio Ranieri last year after the Italian was sacked despite leading the team to second in the Premier League and to the Champions League semi-finals.
Abramovich spent 175 million pounds on new players in his first season, with the annual payroll more than doubling to 115 million pounds.
Kenyon, recruited from Manchester United after Abramovich's arrival, said the club were looking to become financially self-sufficient and that they have a five-year plan to reduce their dependency on the Russian.
Kenyon helped broker record sponsorship deals with Vodafone and Nike at United and has set about tying up lucrative sponsorship deals for Chelsea.
Chelsea have agreed an eight-year kit deal worth around 100 million pounds with sportswear manufacturer Adidas after it was announced their contract with Umbro was being terminated five years early in 2006.
Shirt sponsors Emirates are to be ditched next season as Kenyon looks for more revenue, with mobile phone companies Siemens and Orange mooted as potential replacements.
Abramovich took Chelsea private after purchasing former chairman Ken Bates's controlling interest in Chelsea Village.
Ironically, Bates has returned to football as chairman of Leeds, now languishing in the second flight of English football, in a 10 million pound deal.
