LONDON, Jan 27 (Reuters) - Premier League champions Chelsea's losses ballooned 60 percent in 2004-05 to 140 million pounds ($250 million), the club said on Friday, underlining its dependence on billionaire Russian owner Roman Abramovich. The record loss, up from 87.8 million pounds for the previous year, was exacerbated by a series of one-off items. They included 25.5 million pounds from the termination of a contract with kit supplier Umbro and 24 million pounds from a write-down on the value of players Adrian Mutu and Juan Sebastian Veron. "In simple terms we have taken some pain now for long-term gain," said chief executive Peter Kenyon. "The overall loss increase is, in the main, down to some exceptional items that were necessary in order to help us achieve our strategic business aim of break-even by 2009/10," he added. Mutu was sacked by Chelsea in October 2004 after testing positive for cocaine. Veron made his loan move to Italian side Inter Milan permanent last June. Chelsea chairman Bruce Buck said Abramovich was pleased with the club's financial progress. "He appreciates that this is a long-term strategy and he supports where we are and where we are going." Abramovich, the main shareholder in Russian oil firm Sibneft, has invested about 440 million pounds since buying the west London club for 60 million pounds in July 2003 and wiping out 80 million pounds of debt. He has since pumped in around 275 million pounds for players alone. Chelsea assistant manager Steve Clarke told reporters at the club's training ground: "You look at the prices of some of the players and think they are inflated but there is a bit more pressure on us to pay more money because people know we have it. "But it is not a bad thing for football if we keep putting money into the game." PAID OFF Abramovich's investment has paid off, with Chelsea on course to secure their second successive Premier League title and safely through to the lucrative Champions League knockout stages under the guidance of Portuguese coach Jose Mourinho. Buck said the management planned to outsource as many non-footballing interests as possible and concentrate on big money advertising and sponsorship deals. Kenyon said that the club would also look to reduce the percentage of revenue swallowed by player wages. "We spent 151 million pounds, of which 141 has been spent on capital expenditure, primarily in the playing squad," said Kenyon. The results did not take into account the club's recent deals with Adidas and Samsung <005930.KS>. Last year the club agreed an eight-year kit deal worth around 100 million pounds with German sportswear manufacturer Adidas after terminating a contract with Umbro five years early. They also signed a sponsorship deal with South Korean electronics firm Samsung, with media reports putting the deal at around 50 million pounds.