Chelsea has announced pre-tax losses of 90.1 million pounds ($114.8 million) in the English Premier League club's first year under US owners Todd Boehly and Clearlake Capital.

The financial results for the year ending June 30, 2023 represent a reduction on the previous year's losses of 121.4 million pounds.

Chelsea said on Thursday that despite the losses it was still complying with UEFA and Premier League financial regulations.

There has been increased attention on the league profit and sustainability rules, which permit losses of up to 105 million pounds over a three-year period.

Everton was handed a 10-point deduction this season for breaching those financial regulations. That was reduced to six points on appeal but Everton could face further punishment for more breaches. The league said Nottingham Forest also sustained losses “above the permitted thresholds."

Chelsea's parent company, Blueco 22 Ltd, which also owns French team Racing Club Strasbourg, announced a net loss of 653 million pounds ($833 million) for the year.

A consortium led by Boehly and Clearlake bought Chelsea after former owner Roman Abramovich was sanctioned by the U.K. government in the wake of Russia's invasion of Ukraine.

Since then, Chelsea has embarked on a spectacular spending spree of more than $1 billion on transfers.

It has achieved little on-field success, with the two-time Champions League winner looking likely to miss out on qualification for the second year in a row. It is 11th in the Premier League.

“The club continues to balance success on the field together with the financial imperatives of complying with UEFA and Premier League financial regulations,” Blueco said in its financial report. “The club has complied with these financial regulations since their inception in 2012 and expects to do so for the foreseeable future.”

Chelsea's turnover rose from 481.3 million pounds to 512.5 million pounds.

Chelsea cited decreased broadcasting revenue as “a consequence of the men’s team finishing 12th place in the Premier League and exiting both the FA and League Cups at the third round.”

While Mauricio Pochettino’s team has had good runs in both domestic cup competitions this season, next year's figures will reflect the financial impact of Chelsea's failure to qualify for the Champions League.

That could be compounded by the club's likely absence from next season's competition as well.