Chelsea set for takeover
Tuesday, 1 July 2003 22:46Chelsea owner Ken Bates has tonight cleared the way for a Russian businessman to buy the club for around £30million. Stamford Bridge chairman Bates has agreed to sell his £17.5million stake in Chelsea Village to Russian businessman Roman Abramovich.
Abramovich today arranged to buy 84,908,506 Chelsea Village Shares - around 50million of which are owned by Bates - representing approximately 50.09% of the entire issued share capital of Chelsea Village, parent company of the Premiership club.
The total cost of purchasing these shares will cost the 36-year-old Abramovich £29.6million.
Abramovich, one of the major shareholders in one of Russia's largest oil companies, is a keen follower of sport and international football and owns an ice hockey team in his homeland.
Bates said: "This is a great deal for Chelsea Village, the club and our fans. We have achieved an enormous amount over the past 21 years building a fantastic new stadium and a talented team which is firmly established as one of the top clubs in Europe.
"In today's highly competitive football market, the club will benefit from a new owner with deeper pockets to move Chelsea to the next level."
Filed by Sinéad Kissane
