LONDON, April 13, 2024 (BSS/AFP) - Chelsea face a huge challenge to avoid breaching Premier League sustainability rules after posting an £ 89.8 million ($112 million) loss for the 2022/23 season.

The Blues' wage bill soared to over œ 400 million last season, while they splashed out £ 745 million on transfer fees.

But that investment in the club's first full season under an American investment consortium fronted by LA Dodgers co-owner Todd Boehly failed to deliver success on the field.

Chelsea finished 12th in the Premier League last season despite having the second highest wage bill, behind only English champions Manchester City.

Mauricio Pochettino's men currently sit ninth in the table this season despite a further £ 454 million being spent on new players since June 30, 2023.

Chelsea's losses were mitigated by the sale of a hotel for £ 76.3m to the club's parent company BlueCo.

Figures for the current season are likely to be even worse as Chelsea are not involved in European football.

A run to the Champions League quarter-finals last season was worth around £ 83 million.

Football Association figures released on Friday also showed the west London club have spent a Premier League record £ 75 million on agents' fees alone this season.

Chelsea are likely to have to raise significant sums from selling players before the end of June to avoid falling foul of the Premier League's profit and sustainability rules (PSR).

Premier League clubs are allowed to lose a maximum of £ 105 million across a three-year assessment period.

Chelsea posted a £ 121 million loss in the 2021/22 season.

Everton have been deducted a total of eight points on two separate charges and Nottingham Forest docked four points for breaches of PSR this season.