In basic terms, this is not good news for the club. Champions League qualification is no longer just vital- it is essential.
Here's Ken Bates' take on things, "We're continuing to suffer from the difficult challenges facing the football industry.
"The legacy of excessive player contractual costs and a moribund transfer market, exacerbated by the introduction of transfer windows, are significant factors impacting on our short term performance.
"As these contractual arrangements unwind, we aim to reduce our playing costs to a sustainable level commensurate with projected revenue.
"The challenge as always is to balance a prudent approach to expenditure with an acceptable level of performance on the pitch."
In the next financial year it is believed that Chelsea must pay creditors a whopping £52 million.
What's your take on these events? Share your thoughts as always on the messageboard.