London - Chelsea's accounts show that $45 million was spent as a result of firing manager Carlo Ancelotti and hiring Andre Villas-Boas.
Ancelotti was ditched in May after failing to win a trophy in his second season at Stamford Bridge.
As well as compensating the Italian, Chelsea had to pay Porto to bring Villas-Boas to Chelsea, who are fourth in the league.
The £28 million cost of "changes in the first team management structure" is revealed in Chelsea's accounts for the year to June 30, which were published on the British company registry on Wednesday.
Football finance analyst Andy Green has calculated that Chelsea has spent £64 million ($102 million) in the last four years on managerial changes.
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