That means there will be no big-money swoop for Barcelona superstar Ronaldinho, who was heavily linked with a switch to Stamford Bridge.

Chelsea's policy will be to sign younger players with a re-sale value.

Kenyon said: "Breaking even is ambitious but I don't think it's something we are postponing. It's no less ambitious than saying in 10 years' time we want to be recognised as a top international club.

"The real measure to us is reducing our investment in transfers and if you look at our trend we have gone down significantly. I'm pretty sure we won't be signing Ronaldinho. We're always looking to keep the age profile right.

"It's fundamentally got to be somebody who will contribute to the team and have a long-term view."

Chelsea's aim is to continue reducing their net transfer spending which fell to £11.7m last year compared to £84.5m in 2006 and £126.7m in 2005.