English Premier League leader Chelsea lost almost $71 million in the last year, including $20 million paid to Brazilian manager Luiz Felipe Scolari
and his coaching staff after he was fired in February. The good news: the $544 million loan from the parent company owned by Russian billionaire Roman Abramovich
has been turned into equity and had made the club "debt free."
"The club's debt load has been reduced almost to nil in order to provide more long-term stability," Chelsea's American chairman, Bruce Buck
, said in a statement. "The reduction will also enable the club to comply with any regulations on debt levels which are being discussed by the football community."
Chelsea's losses exceeded $100 million last year.