Chelsea made record English soccer losses of £88 million in 2003-2004, their first season under the ownership of Russian billionaire Roman Abramovich.

The pre-tax figures for the year to June 30th, 2004, surpass Leeds United's previous record loss of £49.5 million in 2003.

Chelsea spokesman Simon Greenberg confirmed the losses for the club's parent company Chelsea Village, saying the accounts would be filed to British company registration centre Companies House today.

Compared with Abramovich's vast fortune the loss is unlikely to worry Chelsea, who are 10 points clear at the top of the Premiership and on course to win their first title for 50 years.

"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 said.

Abramovich, the main shareholder in Russian oil firm Sibneft, wiped out £80 million worth of debt after buying Chelsea for £60 million in July 2003. The Russian's investment has paid off with Chelsea well clear at the top of the league and safely through to the lucrative Champions League knockout stages.

Abramovich spent £175 million on new players in his first season, with the annual payroll more than doubling to £115 million.

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 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.