Sunday, January 18, 2009

I don't know much about football.....

.... but this doesn't look good......

ROMAN Abramovich, the Russian billionaire, has been taking soundings over selling Chelsea football club to Gulf Arabs.

I especially liked this bit...

He bought Chelsea for about £60m in 2003, taking over £80m in debts, and has since provided at least £500m in loans to buy new players.

What are the chances of him getting his loans repaid?

(From the Times)

4 comments:

  1. The party is not yet officially over, the Arabs still have to take their haircut too.

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  2. I've just spent the weekend with a friend who's an ardent - and forty year - Man U fan. For the first time he's given up on buying a season ticket, this owing to Sky scheduling matches all over the place.

    Combine this with the credit crunch...

    I hope so. Along with the housing boom Premiership football has been NuLab's panem et cirsenses

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  3. Abramovich was on a glide path that involved burning money. Chelsea was never a business proposition for him, it was always vanity.

    The news is his firesale.

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  4. According to the Chelsea FC website Roman Abramovich will begin defamation proceedings on Monday 19th against the publishers of the Sunday Times.

    Alice, many thanks for a superb 'must read' site. AP.

    ReplyDelete