LONDON (Reuters) - Chelsea posted an annual loss of 74.8 million pounds ($146.2 million) on Thursday as billionaire Russian owner Roman Abramovich continued to bankroll the London side's spending.

The club, currently third in Premier League, narrowed its losses by seven percent as revenues jumped 25 percent to 190.5 million pounds.

The rise was helped by ticket and shirt sales, big money sponsorship deals and winning England's two domestic cup competitions last season.

"Our long-term target of operating profit break even by 2009/10 remains ambitious but we are determined to meet it or get as close as we can," Chelsea chief executive Peter Kenyon said in a statement.

"We have expanded globally as a club, we have reduced our salaries as percentage of turnover, we have continued to be successful on the field, we have increased sponsorship revenue and we continue to invest in our academy and reduce our reliance on transfers," he added.

Though salaries as a percentage of turnover fell from 76 percent to 71 percent, Chelsea's actual wage bill for the year to June 30, 2007 rose more than 16 percent to 133 million pounds from 114 million pounds.

Since buying the club in 2003, Chelsea say Abramovich has pumped in nearly 580 million pounds, spending more than 300 million on signings such as Ivory Coast striker Didier Drogba, Ukraine forward Andriy Shevchenko and Ghana midfielder Michael Essien.

In his time as owner, they have won the Premier League title twice, the FA Cup once and the League Cup in 2005 and 2007.

The club are enjoying another good season despite the departure of high-profile coach Jose Mourinho in September and his replacement by little-known Avram Grant.

Chelsea will start as favourites in Sunday's League Cup final against Tottenham Hotspur, face Championship (second division) side Barnsley in the FA Cup quarter-finals and are in the last 16 of the money-spinning Champions League.

(Reporting by Marc Jones; Editing by Trevor Huggins)