Chelsea had not been financially in the black since 2003 when Roman Abramovich bought the team, but when the season figures were released in November the club reported it had made £1.4m in the year to the end of June 2012. They claimed the profit was the result of a very successful season plus some better commercial deals and a substantial profit on transfers.

At the time Chelsea’s chief executive, Ron Gourlay, noted that the change from the previous season’s loss of £67.7m showed that the club was ‘on track’ to meet the financial fair play rules set out by Uefa. However, not all the figures were forthcoming at the time, and further accounting filed at Companies House revealed a slightly different prospect.

Part of that profit came from the cancellation of £15m in non-equity preference shares previously owned by BSkyB in a joint venture, and about £3.4m in dividends. Another £28.8m came from the sale of several players, including Yuri Zhirkov to the Russian club Anzhi, Nicolas Anelka to the Chinese club Shanghai Shenhua and Alex Anelka to Paris St-Germain.

Another figure that was added to the profit side of accounts was about £4.7m that had been earmarked for compensation of former managers; it was retained as profit when the intended recipients found other employment. If all these figures weren’t added in, the club’s £1.4m profit would have been changed to a loss of £19.9m.

Chelsea has made some great moves since Abramovich took over, winning the Premier League three times and for the first time taking the trophy for top club in Europe. However, the UEFA financial fair play rules are designed to force clubs to handle their financial affairs responsibly, and club secretary Alan Shaw said that still poses a challenge.

The fact that Chelsea didn’t make it into the final stages of the Champions League is likely to pose a major challenge anyway. It means that they will be playing in the much less lucrative Europa League in the spring, with an inevitable reduction in the amount of earnings.