Chelsea’s wage bill rose to more than £400million last season – the second highest in the Premier League, according to accounts published by Companies House.

The Blues finished 12th in the Premier League last term but their salary costs have risen by 18 per cent to £404m, with only treble-winning Manchester City paying out more (£422.9m).

In the first full season under the new ownership of Todd Boehly’s Clearlake Capital consortium, Chelsea paid £747m on transfers up to June 30, 2023. Since then, they have spent another £454m on transfers.

Players who had initially cost the club £592m were sold for £203m although accounting regulations allow the West London outfit a profit of around £63m.

Chelsea announced pre-tax losses of £90.1million in March, an improvement on the previous years’ loss of £121.4m, but Premier League rules state a club can have made a loss no greater than £105m over a three-year period.

While certain costs can be deducted, it means there are likely to be further player sales required in the coming months in order to remain within regulations, particularly with qualification for Europe via their league position looking unlikely this campaign.

The sale of Mason Mount to Manchester United in July last year for £55m, with a possible £5m in add-ons, will be in the 2023/24 accounts although so too will the signing of Moises Caicedo from Brighton for a fee that could rise to up to £115m.

On Friday, it was announced Chelsea spent £75.1m on agents’ and intermediaries’ fees in the 12 months up to February 1, having brought in players like Caicedo, Christopher Nkunku, Romeo Lavia, Nicolas Jackson and Cole Palmer over the period covered – which was almost £32m more than previously spent.

Despite the outlay Mauricio Pochettino’s expensively-assembled squad have endured an inconsistent Premier League campaign – and were branded “blue billion-pound bottle jobs” by Sky Sports pundit Gary Neville late on during their 1-0 extra-time defeat against Liverpool in the Carabao Cup final.

A £76.5m property deal with BlueCo, a subsidiary of the club’s holding company, helped to reduce Chelsea’s losses, while their turnover increased to £512m, up from £481m over the previous year.