30 Dec 2009Chelsea 'nearly debt free'

Football Clubs News | Football Finance News

A statement released by Chelsea has claimed that the club is now virtually free of debt thanks to billionaire owner Roman Abramovich.

The English Premier League outfit's full-year financial results show that its losses have been reduced for the fourth successive year, falling to £44.4 million from £65.7 million.

According to the statement, an interest-free loan of £340 million from Chelsea's Abramovich-controlled parent company has been turned into equity, making the club "effectively debt free".

Chairman Bruce Buck said that the debt load had been reduced to "provide more long-term stability for the club" and comply with future financial regulations.

UEFA president Michel Platini has said that clubs could face a ban from the UEFA Champions League after 2012 if they fail to start living within their means.

Chelsea's full-year results also revealed that former manager Luiz Felipe Scolari and his coaching staff received a compensation package of £12.6 million after the Brazilian was sacked by the club in February.

Written by Mark Thompson

© Copyright