Chelsea's financial Blues

The cosmopolitan club are massively in debt and Icelandic striker Gudjohnsen may have to be sacrificed when the transfer window reopens in January.

The club's owners, Chelsea Village, reported the net debt had risen from £66.8 million to £80.7 million during the past 12 months.

The bulk of the losses accrued by the owners were due to player trading as they made a loss of £16.2 million, compared to just £1.2 million the previous year.

Blues chairman Ken Bates admitted transfer fees and mammoth wages were the main contributors to the club's soaring debt.

"Like the rest of the football industry, the problems we face are wages and transfer fees," confirmed Bates.

"Past extravagances have now been changed but it will also take time for players' contracts to run out."

With Chelsea feeling the pinch financially, the vultures are bound to circle around the club's prized assets, with Gudjohnsen the prime target to be sold.

Sunderland had a bid for the marksman accepted during the summer but Gudjohnsen spurned the opportunity to move to Wearside.

But Manchester United have repeatedly been linked with the former Bolton hot shot and may test the water in the New Year, with Chelsea seemingly in no position to reject a lucrative offer.

Roma have also been linked with the Icelandic international, while Internazionale are believed to be pondering a move for Chelsea's Dutch winger Boudewijn Zenden.

Zenden has admitted that he could leave Stamford Bridge if he does not get regular first-team football and Inter are in the market for a left-sided winger