17 Feb 2009Abramovich 'loses £6.3bn' in financial crisis

Football Finance News | Football Referees, Players, Managers and Media

Chelsea owner Roman Abramovich has seen his wealth slashed by almost 40 per cent as a result of the global financial crisis, it was suggested yesterday (February 16th).

According to a report in Finans magazine, the Russian is now worth $13.9 billion (£9.8 billion), some $9 billion below previous estimates of $23 billion.

The Blues released their latest financial results recently and they showed that Abramovich has poured roughly £700 million into the club since arriving in 2003.

However, in a move which is being seen as a sign of his long-term commitment, Abramovich has now converted £369.9 million of that figure into equity, with £339.8 million remaining as an interest-free loan.

Chelsea have been tightening the purse strings for some time, with £25 million worth of player sales following the summer signing of Deco from Barcelona for £8 million.

Chief executive Peter Kenyon has also confirmed that there will be a "line by line" review of the club's business, although he has strongly denied that this is linked to Abramovich's financial situation.

Abramovich also had an interest in CSKA Moscow through oil giant Sibneft until he sold his stake in the company in October 2005.

© Copyright