Wednesday, February 1, 2012

Roman Abramovich's Chelsea spending surpasses 1 billion euros despite club announcement of record turnover

Chelsea owner Roman Abramovich’s total spending since taking over the west London club in 2003 has surpassed 1 billion euros.

Just hours before the transfer window closed the club announced a record turnover of 267 million euros for the year ending June 2011.

However, the Blues have still announced a loss of 81.4m euros, meaning Abramovich himself has lost 758m euros since buying the club from Ken Bates.

When the decision of the Russian billionaire to covert 410m euros of loans into equity is taken into account, it means Abramovich has spent around 1,165 billion euros

With the signings of Juan Mata, Raul Meireles, Romelu Lukaku, Thibaut Courtois, Gary Cahill and Kevin De Bruyne yet to be taken into account, that 1,165b euros will be added to with a further 84m euros, meaning the Russian’s spending easily surpasses the 1b euros bracket.

However, Chelsea chairman Bruce Buck is remaining calm about the club’s financial situation and says they know the steps that need to be taken to ensure stability off the field at the club.

Buck told reporters: "The club is focused on complying with the requirements of UEFA's financial fair play regulations while maintaining its ability to challenge for major trophies."

“We would expect this to be reflected in our results for the current financial year."

Chief executive Ron Gourlay added: "Achieving a record level of turnover is satisfying given the economic background against which we are operating."

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