​Chelsea have announced losses of nearly £100m for the year ending June 30 after the latest financial results were released by the club. 

The Blues cited a change in manager, the lack of Champions League football and its subsequent revenue, and the huge figures spent on new players as reasoning for the £96.6m loss, whilst recording a slight increase in turnover to £446.7m

​Sky Sports reports that although they have suffered these financial issues, the club has insisted that they are continuing to comply with UEFA's financial Fair Play regulations. 

Chelsea chairman Bruce Buck pinpointed 'careful financial management' as the catalyst behind the Blues' new-found stability, which has allowed Frank Lampard to bring through a 'young and exciting team'. 

"Consistent revenue growth and careful financial management over recent seasons has allowed the club to make significant levels of investment in the playing staff whilst maintaining compliance with UEFA Financial Fair Play regulations.

"This has contributed to another Europa League victory at the end of the 2018-19 season and a return to the highest level of European competition.

"This solid commercial foundation, allied to a young and exciting team now led by Frank Lampard, means that the club is well placed to sustain its pursuit of success both on and off the pitch as well as maintain its financial stability over the coming years."

Frank Lampard

​Chelsea were hit with a transfer ban over the summer which prevented Lampard from strengthening his youthful side, but the new boss embraced the challenge by blooding a handful of academy products into his first-team. 

The ban was originally supposed to continue in January, but it has since been lifted, meaning Lampard will be able to bolster his thin and inexperienced squad this month

Chelsea got off to a lightning start under Lampard, which catapulted his side into top-four contention, but a recent dip in form has seen the chasing pack narrow the gap on the young Blues.