Source: Telegraph
Chelsea debt wiped off by Roman Abramovich but club still record loss
Owner Abramovich halved the club's debt a year ago by turning 50 per cent of his interest-free loans into shares, with Chelsea revealing in their 2009 financial figures he has done the same with the remainder of the money owed. [LNB]It means the 43-year-old has ploughed more than £700 million into the club and, importantly, means Chelsea will be confident of complying with any potential regulations on debt levels from Fifa or Uefa [LNB] Related ArticlesBallack to sign new Chelsea dealThe Daily Bung: Mourinho feels the loveWest Ham linked with Adrian MutuAncelotti 'satisfied' with Chelsea reignMourinho: I love Premier LeagueChelsea 2 Fulham 1The news will also remove any fears of a meltdown if Abramovich ever decided to walk away from football, although a statement from Chelsea insisted it "demonstrates the continuing commitment from the shareholder to the group". [LNB]The Russian has bankrolled Chelsea since 2003 and former chief executive Peter Kenyon previously spoke of the club breaking even by 2010. [LNB]The losses announced by the club are down from £65.7 million last year but show the club still to be reliant on their owner. [LNB]The figures included a compensation payment of £12.6 million to Luiz Felipe Scolari and three of his staff following the Brazilian's dismissal as manager last season. [LNB]Chelsea chief executive Ron Gourlay said: "It is still our aim to be self-sufficient and we will achieve this by increasing our revenues as we continue to leverage off our brand. [LNB]"We are reducing our costs by controlling expenses, including salaries and wages." [LNB]According to sources at Stamford Bridge, Abramovich would happily finance a transfer if the right player became available but manager Carlo Ancelotti has suggested he will not be bringing players in when the January window opens on Friday. [LNB]"There's no news on the transfer market," said the Italian. "We have young players who we want to use in January." [LNB]Ancelotti insists he will not bolster his squad to compensate for the loss of Didier Drogba, Salomon Kalou, Michael Essien and John Mikel Obi to the African Nations Cup. [LNB]Franco di Santo's loan spell at Blackburn from Chelsea has been extended until the end of the season. [LNB]The 20-year-old Argentinian forward moved to Ewood Park in August and his deal had been due to run out in January. [LNB]Di Santo has scored one goal in 15 appearances so far for Sam Allardyce's side. [LNB]
