Football story by Fred Smith, Sun, 29 Jan 2006 05:24:00 GMT


LONDON - Roman Abramovich's Chelsea proved that they are not your typical football club by announcing a £140 million pre-tax loss and sounding happy about it.

"These figures reflect the continuing restructuring which we began in 2003. The overall loss increase is, in the main, down to some exceptional items that were necessary to help us achieve our strategic business aim of break-even by 2009-10. In simple terms we have taken some pain now for long-term gain," said Chelsea Chief Executive Peter Kenyon.

These losses are for the year ending June 30,2005 and follow a similar report of £87.8 million loss in the 2004-05 season. The main reason the costs continue to spiral is the desire to being the best talent like Hernán Crespo, Didier Drogba, Michael Essien and Shaun Wright-Phillips down to the west London club.

Added to that is the £25.5 million it cost to terminate the kit deal with Umbro and move to Adidas. The erasing of a £13.8 million Adrain Mutu and a £9 million Juan Sebastián Verón also occurred during this period. However chairman Bruce Buck is convinced that they can break even by 2009-10 as targeted by Abramovich, "We have an aggressive five-year plan to break even in 2009-10 and we're working our way there," he said.

"Mr Abramovich is a very smart man. He's taken a long-term view of this but it's a business. If someone is selling us pencils and milk and they think they can overcharge us because it's Mr Abramovich and Chelsea, we go to another supplier." Buck also revealed a soft side of Abramovich and said that the boss has tears in his eyes whenever Chelsea loses.

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