Abramovich Loses £6.3bn In Downturn

Roman Abramovich, the Russian billionaire owner of Premier League club Chelsea, has seen his wealth reduced by the dwindling economy to the tune of £6.3bn according to Finans’ business magazine.

Abramovich held on to second place among Russia’s wealthiest people with a fortune of £9.76bn, according to a listing by the magazine.

Last year, American magazine Forbes estimated Abramovich was worth £16.5bn. An updated Forbes list is due in around two months.

Russia has been hit hard during the recent financial crisis and several of the country’s tycoons have suffered.

In announcing the club’s finances last week, it was also revealed that Abramovich has been forced to put more money into Chelsea to help pay for £23m in compensation fees to backroom staff including departed managers Avram Grant and Jose Mourinho with a further £7m expected to be paid to Luiz Felipe Scolari.

In the end of year figures, the club revealed a debt of £65.7m for the year although including assets Chelsea is still valued at between £500-£600m.