Kenyon Says Roman Abramovich Committed Long Term To Chelsea

Kenyon Says Abramovich Committed To Chelsea For Right Reasons, For Long Term

Outgoing EPL club Chelsea CEO Peter Kenyon yesterday said that Owner Roman Abramovich is committed to the club "for the long term," according to Brian Homewood of REUTERS. Kenyon said that Abramovich is "committed for the right reasons and that so-called 'sugar daddies' should not necessarily be turned away from the sport." Kenyon: "Just because you have a lot of money, it doesn't mean you are a bad investor in football. Roman Abramovich has put money in and he's committed for the long term for the right reasons. Roman Abramovich's investment has been fantastic for Chelsea. Football does need these investors." Kenyon also said that the club's finances "were sound." Kenyon: "We've got no external debt. We've got secured ownership with secured financing." Kenyon added the sport has not seen "that collapse that everyone was talking about" due to the global recession, though the economy has "accelerated the discussions about financial stability in football." Kenyon: "Very, very few clubs disappear. They may go into administration and they may undergo a change in ownership but very, very few clubs disappear completely" (REUTERS, 9/22).

LOAN EXTENSION: In London, Jeremy Wilson reported EPL club Arsenal is "poised to ease" some of its "immediate financial pressures by successfully renegotiating" the US$217.2M loan for the redevelopment of the former Arsenal Stadium. The initial expectation "had been to repay the loan this year," though the final deadline to the banks is "not until next April." While the "final amount to be repaid is likely to be higher, the willingness of the banks to change the loan conditions indicates confidence in the club's long-term fiscal health" (London TELEGRAPH, 9/19).