Chelsea made an overall loss of £96.6 million last year, despite owner Roman Abramovich injecting £247m into the club.
The club's accounts for the 2018-19 season reveal they paid out £26.6m after sacking manager Antonio Conte and his coaching team in July 2018.
Former Italy international Conte, who now coaches Serie A side Inter Milan, guided Chelsea to the Premier League title in 2017, but was dismissed with 12 months remaining on his contract.
Chelsea missed out on Champions League qualification in Conte's final season at the club, but won the FA Cup that term.
Since Abramovich took charge in 2004, Chelsea has spent £90m in compensation to sacked managers.
Conte was replaced by compatriot Maurizio Sarri, who was at the club for just one season. He too departed for Serie A, joining champions Juventus just one year into his three-year Chelsea contract.
Chelsea invested £280.6m in their playing squad last season, including the signings of United States men's international Christian Pulisic, goalkeeper Kepa Arrizabalaga, and midfielders Mateo Kovacic and Jorginho.
The club's wage bill also increased by £41m in 2019.