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SBD Global/January 10, 2013/Finance
Cancelled Shares Allow Chelsea To Record First Profit Under Roman Abramovich
Published January 10, 2013
FAIR PLAY: BLOOMBERG's Tariq Panja reported Abramovich has spent more than $1B to help Chelsea win three Premier League titles. Last season, he became the first London team to win Europe’s elite Champions League. However, his "largesse has come at a cost." Chelsea has suffered an average loss of £77.6M during the previous seven seasons under Abramovich. Chelsea is among top European clubs "trying to ensure" it meets new fiscal requirements set by UEFA. Teams that fail to keep losses below €45M ($59M) across three seasons "face sanctions that include a ban from the Champions League." (BLOOMBERG, 1/9). In London, Roger Blitz reported Chelsea Secretary Alan Shaw said UEFA's Financial Fair Play regulations posed "a significant challenge." The club will have to endure "weaker Champions League revenues" after its failure to reach the knockout stages of the competition. Its playing staff and coaching numbers rose by 20 to 89 (FINANCIAL TIMES, 1/9).