Chelsea have reduced their losses in the last financial year and claim they are closer to complying with Uefa's fair play regulations.
Teams who breach the new financial regulations face exclusion from the Champions League and Europa League.
The club's accounts to June last year improved despite spending £50m to buy Fernando Torres from Liverpool.
Chelsea's loss of £67.7m improved on a £70.9m deficit the previous year. Their £222.3m turnover is a new club record.
"Achieving a record level of turnover is satisfying given the economic background against which we are operating," added chief executive Ron Gourlay.
The club said on their website that match day receipts and commercial revenue had held up well in the face of the general downturn in the economy.
"The club is focused on complying with the requirements of Uefa's financial fair play regulations while maintaining its ability to challenge for major trophies," said chairman Bruce Buck.
"We would expect this to be reflected in our results for the current financial year."
The increase in revenue was mainly due to higher receipts from the Champions League and a rise in income from an overseas broadcasting contract, the club said.