BBC NEWS | Business | Russian businessman buys Chelsea
Russian businessman buys Chelsea
Chelsea are one of England's most successful clubs
Chelsea football club is to be bought by Russian billionaire Roman Abramovich in a deal worth ï¿½140m ($233m).
The surprise takeover - the biggest in British football history - was finalised late on Tuesday after talks with long-time chairman Ken Bates.
He bought the club in 1982 for just ï¿½1, while taking on debts of ï¿½1.5m.
Although the club has prospered, debts have grown and it is estimated the new owner will stump up ï¿½80m to cover them.
On top of that, Mr Abramovich is buying just over half the shares of Chelsea Village, which owns the football club, for 35 pence each - putting the total value of the club's shares at ï¿½59.3m.
The Russian businessman pledged to plough even more resources into the club while Mr Bates said the deal would move Chelsea onto the "next level".
Profile: Roman Abramovich
"We are delighted to agree this deal to acquire what is already one of the top clubs in Europe," Mr Abramovich said.
"We have the resources and ambition to achieve even more given the huge potential of this great club."
Mr Abramovich is one of the major shareholders in Sibneft, one of Russia's largest oil companies, and "a keen follower of sport and international football," a statement said.
Mr Abramovich also has significant interests in Russia's aluminium industry, and until recently owned a sizeable stake in Russian airline Aeroflot - the sale of which may have funded the Chelsea buyout.
KEN BATES
Self-made millionaire from ready-mix concrete
Bought a struggling Chelsea for ï¿½1 in 1982
In 1985 he wanted to install electric fences to control crowd trouble at Stamford Bridge
In 1991 he ran into controversy when it was alleged Chelsea made illegal payments to players - the club was fined ï¿½105,000
The TV interests were significant, "as in the modern game today TV rights are what it's all about," he said.
"Football has been in terrible trouble in this country recently - it's clocked up huge debts and the transfer market has collapsed," he added.
"I think what this could signal is the arrival of overseas sugar daddies.
"If this is the start of the super-rich invaders it'll be very, very interesting to see how the fans react to it."
Misgivings
One Chelsea fan told the BBC he was shocked by the news.
"I think it's disgraceful because I always thought that Ken Bates was Mr Chelsea."