Chelsea's squad clearout is set to continue with owners admitting they want to further reduce their wage bill.

Jose Feliciano, co-owner of ClearLake Capital, has stated cutting the wage bill remains a priority for the club. Feliciano suggesting salary costs must be cut by OVER HALF the current spend.

"We have bought an asset that is very coveted by many other potential buyers," said Feliciano at the IPEM private equity conference in Paris.

"Ultimately, we are extremely aligned with that supporter and fan base because the best way to make our club more valuable is to win.

"The team had a tough first season, our first season. We have a tremendous amount of talent."

He added: "I think what we are trying to do is reduce the salary and essentially the opex [operating expenses] of the business by over $100m (£80.6m) per year."

Chelsea's current spending on wages is at least £150m.