Chelsea Football Club (CFC) has announced that it does not intend to receive any further investment from owner Roman Abramovich, despite reporting a loss of £65.7m for the year ending 30 June 2008.

The club said that its losses had decreased by 12.2 per cent compared with the previous year, although they included £23.1m in compensation payments to former managers, Jose Mourinho and Avram Grant, as well as five coaches. However, the figures – which also revealed record group turnover of £248m – do not take into account CFC's recent sacking of Luiz Felipe Scolari, which will require the club to pay further compensation.

CFC chair, Bruce Buck, said: "Following the conversion of half of the interest-free loans into equity, there should now be no doubt as to the owner's commitment to the club and the stability of the company's funding structure. "We have set ourselves ambitious targets to be EBITDA neutral on 30 June 2010, and to require zero cash funding from the owner at the beginning of the financial year 2009-10.