Chelsea have announced that they have made a yearly profit for the first time since owner Roman Abramovich bought the club in 2003.

The Russian billionaire has spent millions of pounds in an attempt to take Chelsea to the upper echelons of European football and after Chelsea beat Bayern Munich in the Champions League final in May, it has been revealed that Chelsea are now debt free.

A Chelsea statement read: "The £1.4m profit contrasts with a loss of £67.7m in the previous financial year and puts the club in a strong position to comply with UEFA financial fair play criteria for the coming seasons.

"The club also enjoyed an uplift in revenues from commercial activities including new partners and merchandising."

It has also been revealed that Chelsea's turnover for the same period increased from £225.6m to £255.7m.