LondonNet News Headlines
02/07/03
Chelsea Cash Could Be Held Up by City Watchdogs
- Share dealings under scrutiny as new Russian owner pledges hundreds of millions

NEW CHELSEA FC owner Roman Abramovich is ready to put UKP200 million into the club, though before that can happen his takeover may face an investigation by financial watchdogs.

Regulators in London's share market could look into the deal in which Abramovich paid a total of UKP140 million (including debts) to aquire Chelsea FC and its parent company Chelsea Village. That's because a month ago Chelsea shares stood at 19.5p each but had risen to 28p by 1 July, a pattern that may require some explanation to avaoid accusations of insider dealing.

Assuming all goes well with the financial police, Abramovich is determined to turn Chelsea into a leading European club. A spokesperson for Abramovich said his boss would do "whatever necessary" it takes to make this happen.

For a start, the new money will help Chelsea keep hold of two of its star defenders, William Gallas and John Terry, who had both been linked with moves from the club.



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