Chief executive Peter Kenyon has given an update on the business side of Chelsea, stating the club is moving towards profitability and independent funding.

'It is not a precise science,' he explained.

'We have invested heavily in facilities and next year we will be self-funding from a club and company point of view, which is a major achievement given how much money we have spent.

'The reality is that no-one is recession-proof but we are in as good a position as anybody else. We have no external debt and that has to be a competitive advantage at this stage.

'In the short term a lot of our revenue is contracted into the future but you have to work hard to maintain that. Part of our overall view for Chelsea is to be a very successful club on the field and be a responsible business off it.

'We are moving very much towards the 2010 or 2011 timeframe for that [profitability] to be possible. Chelsea are in a good position.'

Kenyon gave the promising forecast at the Global Sports Summit, a conference of sports business leaders organised by the NFL. It was timed to precede Sunday's American Football game between the San Diego Chargers and New Orleans Saints at Wembley.

He moved on to discuss on-pitch matters.

'From where I am sitting the Premier League is more competitive than last year. I know it sometimes looks predictable but I can promise you it is not.

'We have a squad that is good enough, arguably the best squad in depth and Luiz [Felipe Scolari] has the ability to get the best out of it.

'Luiz has had a fantastic start and had a big impact - top of the league and top of our group in Europe.'