Quote:
http://www.thisislondon.co.uk/standard/art...club/article.do
Roman Abramovich has lost £12 billion on the Russian stock exchange, it was revealed today.
The owner of Chelsea FC has seen his fortune dwindle as Russia's Micex Index has gone into freefall.
The decline in value of two of his companies on the Moscow-based index, steel maker Evraz and mining company Highland Gold, has left the 41 year-old tycoon $20.3 billion (£11.9 billion) out of pocket.
The staggering loss was revealed today by analysts who said it represented a decline in the equity value of traded companies.
Abramovich's woes come on a disastrous financial day for London's Premiership football clubs with the owners of Arsenal and West Ham also suffering.
Arsenal FC's part owner Alisher Usmanov has lost £7 billion ($11.7 billion) on the Micex index which has declined 61 percent since its peak in May and was closed today for the second time this week.
The metals and mining mogul and Abramovich are part of a list of 25 Russian oligarch's who have lost £140 billion ($238 billion) on the Micex index.
The country's ailing economy has also been hit by war with Georgia and foreign capitalists withdrawing billions of pounds worth of investment from a nation facing a period of instability.
West Ham were plunged further into crisis as it was revealed that the east London club's Icelandic owner Bjorgolfur Gudmundsson is considering selling the club after losing £230 million in the country's own economic crash.
Abramovich's unprecedented loss will set alarm bells ringing in the football world and the City.
It comes after Chelsea chairman, Bruce Buck suggested this week that the club could sell players to survive the financial turmoil.
He said: "Even with a benefactor like Roman Abramovich, if we think revenues are going to go down a bit we have to look at our expense side to look for areas where it is appropriate for us to save money. That's actually a process we are engaged with at the moment."
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Its a lot of money to lose but its just a pendulum effect. Yeah he's lost loads of money, but when the pendulum swings the other way, when people get confidence back, he will make the money back. But I dunno if the rumours are true about him wanting to get rid of Chelsea.
Chelsea would be in big big trouble if that did happen.
Friday 10th October 2008, 19:03
They bought the premier league and there owner was one of the reasons alot of foreign owners joined the game in my opinion, so I do like chelsea but in a way they deserve it, I doubt he would get rid of his share in chelsea though
it's true though, and we have been accused of it quite alot, but the size of are stadium and the amount of times we've won the prem and other trophies generates quite alot of money so were able to have spending power because of are profits and turnover
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