European champions Chelsea have announced losses of £145.6m after tax for the year to 30 June 2021.
The Premier League club won last season's Champions League under Thomas Tuchel.
Their turnover went up from £387.8m to £416.8m thanks to an increase in broadcasting revenue.
But the club say playing games with no crowds because of Covid-19 and a reduction in profit on player sales were the main reasons for the loss.
Chelsea FC PLC continues to be supported financially by Fordstam Limited, a company owned by Roman Abramovich - with confirmation in the accounts that the club owes more than £1bn to "related companies".