Chelsea's accounts show $45 million was spent as a result of firing manager Carlo Ancelotti and hiring Andre Villas-Boas.
A year after winning the Premier League, Ancelotti was removed 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, currently fourth in the league.
The 28 million-pound cost of ''changes in the first team management structure'' is revealed in Chelsea's accounts for the year ending June 30, which were published on the British company registry on Wednesday.
Soccer finance analyst Andy Green has calculated Chelsea spent 64 million pounds ($102 million) in the last four years on managerial changes.