Chelsea have announced £145.6million post-tax losses for the financial year ending June 30, 2021.
The Blues reported a £36.4m profit in the preceding year, but the COVID-19 pandemic has had a significant impact on the club's finances.
Chelsea's turnover rose from £387.8m to £416.8m due to increase broadcasting revenue, but matchday income dropped from $53.2m to just £7.2m due to games being played behind closed doors.
The European champions also failed to generate as much profit from the transfer market, making £27.9m compared to the previous year's £142.6m.
The acquisition of Romelu Lukaku for a club-record £97.5m came on August 12 and is therefore not included in the results.
"Loss of revenue [was] caused by the majority of 2020-21 matches taking place behind closed doors as well as decreased profit on player sales and increased player amortisation," Chelsea's strategic report stated.
The report went on to reveal a reliance on Fordstam Limited - owned by Roman Abramovich - for financial support that will be required for the "foreseeable future."
Chelsea's report also stated: "The COVID-19 pandemic has been an incredibly difficult time for everyone. Communities across the world have faced extraordinary challenges and many families have lost loved ones.
"Both the club and the Chelsea Foundation including the staff, fans and wider community have played an important role in trying to alleviate some of the difficulties faced by particularly vulnerable groups and families who were affected by the pandemic."
The London club dropped two points in a 1-1 draw with Brighton and Hove Albion in their last match and are eight points behind Premier League leaders Manchester City after 20 games.