Aesthetic Relic 301 Posted October 25, 2008 Share Posted October 25, 2008 The Times Chelsea ‘letting go of Abramovich lifeline Peter Kenyon, the Chelsea chief executive, believes that the club will be less reliant on Roman Abramovich next year. Against a background of recession and chaos in the City, London’s most fashionable club are bucking the financial trend and gradually letting go of the lifeline thrown to them by their Russian owner. The signs are that an era of stringency is dawning. Kenyon disclosed yesterday that Luiz Felipe Scolari, the manager, is aware that no money will be made available in the new year for big signings, except in the most dire emergency, while a move from Stamford Bridge has been put on hold until the financial climate improves. Chelsea are on target to make a profit within the next two to three years, but, more importantly, will be living within their means as income improves both at home and abroad. “We hope that, in a year, the club will be self-financing,” Kenyon said. “That means we will not be needing finance from the owner as the club moves towards making a profit in the 2010 or 2011 timeframe.” The disclosure will be treated with part surprise and part scepticism in some quarters after Chelsea’s last set of accounts revealed that Abramovich had pumped more than £570 million of his personal fortune into the club in the form of interest-free loans. Turning Chelsea into one of Europe’s leading clubs within the past five years has accounted for increased ticket and television income, but Kenyon has presided over a significant expansion plan abroad, which is gradually turning Chelsea into a global brand. With the next set of accounts for the 2007-08 season likely to show annual income smashing the £200 million barrier, Chelsea have moved into a financial stratosphere inhabited by only a handful of clubs. However, Kenyon welcomed the sale of Manchester City to investors from Abu Dhabi. With a wry grin, Kenyon admitted: “It is quite nice not to be labelled the richest club in the world any more. That is a monkey off our backs.” The end of the label and, perhaps, the start of a Chelsea that can pay its way without the help of a Russian benefactor with very deep pockets. Quote Link to comment Share on other sites More sharing options...
Jessman 9 Posted October 26, 2008 Share Posted October 26, 2008 He has a good point about us not being the richest anymore, but we can expect an significant boost in Man City supporters over the next few years. The question is: Is Abramovich happy to pour the money into the Club? Must cost him a few bob every season to maintain the club Quote Link to comment Share on other sites More sharing options...
Aesthetic Relic 301 Posted October 26, 2008 Author Share Posted October 26, 2008 One things for sure......We're moving in the right direction. Its only right we should be aiming to look after ourselves, but as Kenyon stated. The money is there if needed to buy players. Quote Link to comment Share on other sites More sharing options...
oxfordblues 299 Posted October 26, 2008 Share Posted October 26, 2008 what about this new stadium peter.????? why!!!!! Quote Link to comment Share on other sites More sharing options...
Aesthetic Relic 301 Posted October 26, 2008 Author Share Posted October 26, 2008 what about this new stadium peter.????? why!!!!! True enough.....everythings went quiet on that. Quote Link to comment Share on other sites More sharing options...
Elliott 7 Posted October 26, 2008 Share Posted October 26, 2008 It says that those plans have been put on hold because of the credit crunch. Quote Link to comment Share on other sites More sharing options...
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