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Chelsea owner Roman Abramovich's dream of turning the club into conquerors of Europe is close to costing him a world record £1 billion, new accounts reveal today.
The Russian oligarch has already bankrolled the club with interest-free loans of £740 million and he is still pumping vast sums into it annually. Further heavy losses are likely this year as it struggles to realise his ambition.
The accounts offer the most dramatic insight yet into how much football is draining from his worldwide fortune, estimated at £8 billion.
Figures for Chelsea's holding company show that the club was £77.8 million in the red last year - even worse than the £47.4 million loss of 12 months earlier, despite pledging to put itself on an even financial keel.
Insiders say Abramovich is desperate to win the Champions League trophy and in January invested £73 million on two players alone - £50 million on Fernando Torres, who is yet to score, and £23 million on David Luiz. These figures are not included in the latest accounts.
But despite the hundreds of millions lavished on some of Europe's best-paid players, Mr Abramovich looked to be in despair on Wednesday as he watched his expensive team lose 1-0 to Manchester United in the Champions League quarter-final. He sat with his head in his hands in his box next to partner Dasha Zhukova, 29.
The ever-increasing cost of his Chelsea adventure comes at an expensive time for the billionaire.
He has taken delivery of a £600 million super-yacht, Eclipse, and pledged to help fund the £1.25 billion makeover of Moscow's Gorky Park, including a modern art gallery for Ms Zhukova.
He also paid £25 million for a house in Chelsea's Cheyne Walk, his 11th property. The growing losses are mostly due to players' wages, which rose another £19.5 million, and transfer deals.
Fans have also had to pay spiralling ticket prices, with the best seats at Stamford Bridge costing £75. The cost of merchandise has also soared, with a club shirt costing £47.99.
Abramovich is thought to be the ninth richest person in Russia and the 53rd richest in the world, according to the 2011 Forbes list.
The debt figures will raise eyebrows at rivals such as Arsenal, who make a profit, and at football authorities which are piling pressure on the sport to live within its means. At present Chelsea, like Manchester City, are running in breach of Uefa financial fair play regulations, to come into force in 2013.
David Bick, a football finance expert and veteran of several City soccer deals, said: "It is not that Abramovich can't fund these losses. He can.
"But Chelsea need to start complying with the rules. They can't spend more than they generate in turnover. They have got to get the wage bill down and spend less in the transfer market. And you can guarantee that they will make another thumping loss next year."
The Chelsea accounts are for the year to June 2010. Abramovich, 44, built his fortune on steel. His personal investment in the club dwarfs the amount of cash pumped in by other club owners, including Malcolm Glazer at Manchester United and Sheikh Mansour at Manchester City.
His decision to pay huge wages has created some of London's richest men, including Frank Lampard on £120,000 a week and John Terry on £150,000.
The bill for his Chelsea adventure may be approaching 10 figures as he loses out on interest he could have earned if he had invested his money elsewhere. The club did not return calls today.
from now on I will skip talking about our finances. That is a promise and will save myself from looking like a 
You shouldn't talk negative about Craig's loved ones. Forgot about that.
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