Sat, Nov 21 2009

Chelsea FC - no more Russian money

Tue, Dec 02 2008 15:27 CET byNick Iliev 519 Views
Premier League Chelsea FC will no longer be supported by owner Roman Abramovich's billions, after the end of the current season. The executive director of the London club, Peter Kenyon, is contemplating transforming the club into a self-sufficient outfit, which will no longer be dependent on the Russian billionaire, as reported by the UK's Guardian newspaper.

Initially, Kenyon wanted this to happen in 2011, but he believes that the club has matured enough for the umbilical cord to be severed from the Russian womb. Kenyon predicts that the club will self-sustaining, and profitable in two years time.

"The longterm plan at Stamford Bridge was to create a profitable independent club, and I believe from 2009 this is feasible. Should my calculations prove right, I foresee that by 2011 the club will be self-sufficient and profitable at that, and we will witness a constant financial growth thereafter," he added.

Until now, Abramovich has allocated more than 600 million pounds worth of sterling interest-free loans, but with every passing season expenses are greatly enhanced with wages. A rise of 16.7 per cent was recorded last year with wages soaring up to 133 million pounds sterling.

This year things will be different due to the economic crisis, which has had a massive negative impact on the financial status of Roman Abramovich. From now on Chelsea can only afford to attract new players should they raise the money by selling some of their present ones.

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