Chelsea outline their plan for Financial Fair Play compliance 9 Oct 2011
Steve Tongue in the Independent on Sunday pulled together an excellent article on the challenges faced by Chelsea in order to comply with the Financial Fair Play rules.  Bruce Buck (Chelsea's Chairman) outlined the 4 actions the club will be taking:
  1. Reduced spend on transfer fees for new players
  2. Reduced spend on wages
  3. Increased sponsorship income (possibly including selling stadium naming rights)
  4. Increased match-day incomes
Of course this is easier said than done.  Match-day incomes can only be materially increased by following Arsenal's example and building a new stadium (and Buck seems to be suggesting that the club may not proceed with the new site). Chelsea have tried to sell the naming rights (reportedly for £100m) but had to admit defeat in the summer.  Given the perilous economic position world-wide, it will also prove difficult to attract substantially increased sponsorship deals. Wage spend and transfer fees are more within the club's control. However action in these areas will be difficult and potentially unpalatable for the supporters - the club will soon have to replace Lampard, Terry and Drogba and have a number of high-profile players locked into long-term contracts.

It will be a significant surprise if Chelsea are able to meet the FFP test for the first Monitoring Period. Chelsea's best chance of taking part in the Champions League in 2014/15 may be to work with fellow non-compliant teams, such as Inter and press for a delay or reduction in UEFA's punishment. Understandably, Buck is not yet ready to discuss this contentious option.