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  • A Yahoo! User Nov 2, 2008 18:41 Flag

    Abram Loses Patience with Chelsea Debt


    Chelsea have axed nearly two-thirds of their international scouting staff in the first sign that billionaire owner Roman Abramovich may be losing patience with his club's towering levels of debt - including the £578 million that is owed to him.

    In all, 15 of Chelsea's 25-strong global scouting network were made redundant on Friday, including former German international Rainer Bonhoff and others earning up to £100,000 a year.

    At the same time, manager Luiz Felipe Scolari, has been told that he cannot spend money in the transfer window in January because of the credit crunch, evidence that even the biggest-spending club in the world are having to rein in their budget.

    Even before the current squeeze, Chelsea chief executive Peter Kenyon had insisted that Abramovich's aim was to balance Chelsea's books by 2010, an ambition that looks increasingly unlikely to be met. The club announced losses of £74m earlier this year and are carrying £736m of debt.

    What a Disgraceful tale of Greed and Shameless

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    • Not to mention a weekly wage bill that probably far exceeds that of their closest rival. A reported £150K a week on Lampard, for 5 years??? Talk about being taken for a ride. Maybe Roman is finally realising he's being taken as well.

      So, Scolari has to raise funds himself? Wonder if he'll throw his toys out like Maureen did when Roman wouldn't back him in January a couple of years ago.

    • This was bound to happen at some point. The glamour of being a club owner soon wears off and the reality of the debt sets in. Abramovich did not hire Peter Kenyon of no reason. It’s obvious that Abramovich considers Kenyon’s role as it was at Man U, to make the club a viable business. The current world credit crunch has just added fuel to the fire.

      As a long time Chelsea fan I understand the club has to deal with its debt, even if it means passing up on some of the worlds best players because of cost. The club cannot be a long term viable force in world football if it cannot operate as a viable business.