Chelsea Football Club (CFC) is now 'cash positive' for the first time since being acquired by Roman Abramovich in 2003, despite reporting a £70.9m annual loss.

For the year to 30 June 2010, the Premier League club said amortisation of player transfer fees was the main reason between a positive cash flow and an operating loss. Group turnover grew from £203.3m to £205.8m compared with the previous year, while operating losses were reduced from £72.3m to £68.6m.

CFC published its financial results on the same day that the club spent an initial £68m on the signature of David Luiz and Fernando Torres.