Chelsea broke into the top five of football's highest-earning clubs for the first time in their history last season.

The Premiership leaders' football revenues from the 2003-4 season place them fourth in the world according to a Deloitte survey released last night.

Chelsea's progression to the semi-finals of the Champions League is estimated to have generated around £30 million, helping produce £143.7 million in football-related income and propelling them from 10th place in the rich list the previous season.

The findings indicate that, irrespective of the resources of their billionaire owner Roman Abramovich, Chelsea can flex financial muscle comparable to traditional European powerhouses such as Juventus, Milan and Real Madrid.

However, Abramovich underwrote an unprecedented £87.8 million loss last season, something that is not reflected in Deloitte's figures which relate only to income.

That is, though, a trend the club will not sustain beyond the medium term. "Our commitments ongoing are to break even by season 2009-10," said a spokesman.

"We hope our losses, largely caused by player trading (£175 million in 2003-04), will begin to reduce year on year and we are aiming for a positive operating profit by the end of this season.

"We hope to achieve that with increased merchandising, sponsorship and matchday revenues and from our football activities. But it is a gradual process."

A one-off payment of £24.5 million to Umbro, which will enable Chelsea to embark on a £12 million-a-year kit deal with Adidas from 2006-7, will hit next season's figures.

Chelsea are also considering dropping shirt sponsorship, currently worth £4 million per year with Emirates, as a gesture to mark their upcoming centenary season.

But an offer of around £8 million from one of the blue-chip companies currently in negotiations for title sponsorship may persuade the board to reconsider.

Though the £50.6 million increase in Chelsea's revenues was the most remarkable, they are just one of 10 British clubs in the top-20 rich list - which continues to be dominated by Manchester United.

The world's richest club, with £171.5 million income in 2003/04, have signalled to the City that they expect revenues to fall for 2004-5 under the restructured Premiership broadcasting deal and for receiving a reduced share of funds from the Champions League pool after qualifying as England's third-placed side from last season.

Nonetheless, United remain relaxed about the presence of another major financial force in the Premiership.

"We are looking at our sponsorship strategy and the way it best fits our future," said a United spokesman.

"People buy into a relationship with Manchester United because of 127 years of history. Very few clubs can buy into that market.

"It is a question of what you offer and we believe that what we offer is, in English terms, unique."

United aim to consolidate their position with the expansion of Old Trafford to around 76,000, raising gate revenues, a strategy that Arsenal - sixth on the list - have also adopted.

The champions' planned move in 2006 to a 60,000-seat ground at Ashburton Grove, including around 15,000 executive seats, has prompted industry experts to forecast a significant income upsurge.

"With Chelsea's success and Arsenal's Emirates Stadium development, we can foresee a scenario where English clubs fill the top three places in the 2006-7 money league," said Dan Jones, a partner in Deloitte's Sports Business Group.

In the way of Chelsea's progress this season, financially and on-field, are Barcelona, their Champions League second-round opponents next week, who posted revenues £3 million below Arsenal's.

Barca's turnover increased 37 per cent, largely due to a broadcasting deal worth £35.8 million a year, launching them from 13th in 2002-3.

But Barca and Real Madrid - in second - were the only Spanish sides in the rich list's top 20, in which Celtic and Rangers occupy 13th and 19th places respectively.

"A testament to the Old Firm's utilisation of their stadium facilities, as well as their brand strength, is that the city of Glasgow has as many representatives in the Money League as Spain and Germany and more than France," reported Deloitte.

France, represented only by 18th-placed Marseille, is expected to feature more heavily from next season after a £400 million-a-season TV deal recently signed with Canal Plus. However, it is not believed France's new-found wealth will spark an exodus of English-based players like Thierry Henry or Claude Makelele.

"The broadcasting deal puts French clubs up there with the Premier League," said Jones.

"But there is a very large employment-tax burden on French clubs.

"The biggest-name French stars at the peak of their careers will probably still play for the biggest clubs."