Roman's empire makes £80.2m loss
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Chelsea owner Roman Abramovich has no intention of walking away from Stamford Bridge, with the reassurance coming on the morning the club revealed losses of £80.2million for the year ended June 2006.
The club's director of public affairs Simon Greenberg has moved to quell fears with regards Abramovich's future, following the billionaire's non-appearance at Chelsea games in recent weeks, amidst talk of a spat with manager Jose Mourinho.
Although Greenberg believes the confirmed losses do need to be reduced, he is confident that costs being cut by 42.9 per cent indicates the club are heading in the right direction, of the opinion they are still on course for their long-term plan to break even by 2010.
While Abramovich has ploughed £500million of his personal fortune into the club and in the process made them perhaps the biggest player in the global transfer market, Greenberg has intimated that the idea is turn Chelsea's policy from buying big, into one of nurturing young talent of their own.
"No, I do not think it is success," he told Radio 4. "It is moving in the right direction, reducing losses and increasing major income streams.
"Our turnover was up and football activities increased income by 6.6 per cent.
"It matters to him (Abramovich) and it matters to us as we have an ambitious and challenging target of breaking even by June 2012. We are on track or at least hope to get very near to it.
"We are not spending as much as we used to do on wages and they are more manageable. We are not spending as much on players, wages are down by 2 per cent. We think that has become more stable and as revenues grow the business will become more successful."
Greenberg insisted that Abramovich remains entirely committed to Chelsea's cause, explaining his absence from games in recent weeks was due to other business commitments.
"He has a lot of business to attend to," he added. "Mr Abramovich made his views clear about transfer policy and investing in the academy.
"You can never say never [that Chelsea would not buy a £20million player] but that would be an exception.
"We would hope not to have to go to that level and that our academy would bear fruit in the near future."
In summary, Chelsea reduced losses by £60million to the year ended June 30, 2006. Losses were reduced by 42.9 per cent from £140.4million (2004-05) to £80.2million (2005-06), while turnover increased by 2.3 per cent from £146.6million (2004-05) to £150million (2005-06).
Merchandising increased by 44 per cent from £7.7million to £11.1million, and football activities increased by 6.3 per cent from £122.7million to £130.4million. -
loss? he is still rich
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Billionaire somemore..Originally posted by leo-kun:loss? he is still rich
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multi-billionaire to b exact.Originally posted by turbo_drift:Billionaire somemore.. -
its peanuts money
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i think he's personal interest from his own trust fund/savings is enuff to cover FOR MOST OF THAT LOSS..
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once the oil runs out then he will start counting the losses.
somemore this guy doesnt even owns a wallet
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yaloh he still got hired 1 fellow jz to carry his wallet sia..Originally posted by used:once the oil runs out then he will start counting the losses.
somemore this guy doesnt even owns a wallet
knn super funny sia