jlmatthews
01 Jul 2003, 05:44 PM
Russian businessman buys Chelsea
Chelsea football club has agreed to be bought by Russian billionaire Roman Abramovich in a deal which values the club's shares at £59.3m.
The deal was finalised on Tuesday evening following talks with Chelsea chairman Ken Bates.
Mr Abramovich is offering 35 pence a share and has agreed to buy just more than half the shares of Chelsea Village - the company which owns the football club.
He will also have to look after the football club's debts, which BBC Business Editor Jeff Randall said stood at about £80m.
"We are delighted to agree this deal to acquire what is already one of the top clubs in Europe," Mr Abramovich said in a statement.
"We have the resources and ambition to achieve even more given the huge potential of this great club."
Wide interests
Mr Abramovich is one of the major shareholders in Sibneft, one of Russia's largest oil companies, and "a keen follower of sport and international football," a statement said.
In addition he has significant interests in Russia's aluminium industry, a stake in the Russian airline Aeroflot and owns half of the Moscow TV company.
BBC Business Editor Jeff Randall said the TV interests were significant, "as in the modern game today TV rights are what it's all about."
"Football has been in terrible trouble in this country recently - it's clocked up huge debts and the transfer market has collapsed," Mr Randall said.
"I think what this could signal is the arrival of overseas sugar-daddies.
"If this is the start of the super-rich invaders it'll be very, very interesting to see how the fans react to it."
'Disgraceful' deal
One Chelsea fan told the BBC he was shocked by the news.
"I think it's disgraceful because I always thought that Ken Bates was Mr Chelsea."
But Mr Bates said the deal would help the club.
"This is a great deal for Chelsea Village, the club and its fans," he said in a statement.
"In today's highly competitive football market, the club will benefit from a new owner with deeper pockets to move Chelsea to the next level.
"I look forward to working with Roman Abramovich to achieve even greater things."
http://news.bbc.co.uk/1/hi/business/3036838.stm
Chelsea football club has agreed to be bought by Russian billionaire Roman Abramovich in a deal which values the club's shares at £59.3m.
The deal was finalised on Tuesday evening following talks with Chelsea chairman Ken Bates.
Mr Abramovich is offering 35 pence a share and has agreed to buy just more than half the shares of Chelsea Village - the company which owns the football club.
He will also have to look after the football club's debts, which BBC Business Editor Jeff Randall said stood at about £80m.
"We are delighted to agree this deal to acquire what is already one of the top clubs in Europe," Mr Abramovich said in a statement.
"We have the resources and ambition to achieve even more given the huge potential of this great club."
Wide interests
Mr Abramovich is one of the major shareholders in Sibneft, one of Russia's largest oil companies, and "a keen follower of sport and international football," a statement said.
In addition he has significant interests in Russia's aluminium industry, a stake in the Russian airline Aeroflot and owns half of the Moscow TV company.
BBC Business Editor Jeff Randall said the TV interests were significant, "as in the modern game today TV rights are what it's all about."
"Football has been in terrible trouble in this country recently - it's clocked up huge debts and the transfer market has collapsed," Mr Randall said.
"I think what this could signal is the arrival of overseas sugar-daddies.
"If this is the start of the super-rich invaders it'll be very, very interesting to see how the fans react to it."
'Disgraceful' deal
One Chelsea fan told the BBC he was shocked by the news.
"I think it's disgraceful because I always thought that Ken Bates was Mr Chelsea."
But Mr Bates said the deal would help the club.
"This is a great deal for Chelsea Village, the club and its fans," he said in a statement.
"In today's highly competitive football market, the club will benefit from a new owner with deeper pockets to move Chelsea to the next level.
"I look forward to working with Roman Abramovich to achieve even greater things."
http://news.bbc.co.uk/1/hi/business/3036838.stm