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Abramovich 'suffers £6.3bn loss'


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Chelsea owner Roman Abramovich has seen his wealth reduced by about $9bn (£6.3bn) in the financial crisis, according to a business magazine.

Abramovich held on to second place among Russia's wealthiest, according to Finans magazine, but his $23bn value is now down to $13.9bn.

Russia has been hit hard during the recent financial crisis and several of the country's tycoons have suffered.

Last year, American magazine Forbes estimated Abramovich's worth $23.5bn.

An updated Forbes list is due in around two months.

http://news.bbc.co.uk/sport1/hi/football/t...sea/7892988.stm

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Heard about this this morning. Incredible news - how can you possibly lose such an amount of money?!? I appreciate a lot is spent on wages, but thats ridiculous.

Well, its mroe because of the share market in Russia going down. Once it goes up, he will again gain them. That is why he converted some 300 billion USD of the debt to shares. Cus this is the best time to buy them. And once the market improves, the ahres will go up.

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It's only losses on paper though. He's not going to sell his investments, so when the market bounces back (could be awhile) he'll regain the losses which are temporary.

Just means he has to tighten his belt a bit, maybe have five instead of six super yachts. Reducing costs at SW6 is small change to what he actually owns, but his ''advisors'', have probably told him to have wholesale cuts on all his assets.

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