30 Dec 2009

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Chelsea 'debt free'

London - Chelsea says it is now "effectively debt free" after turning most of its outstanding liabilities to owner Roman Abramovich into equity to comply with future UEFA financial controls.

The Premier League club announced on Wednesday that 340 million pounds ($541 million) of Abramovich's interest-free loans have been converted into equity.

Chelsea chairperson Bruce Buck said it will "enable the club to comply with any regulations on debt levels."

UEFA president Michel Platini wants to ban clubs from the Champions League after 2012 unless they break even on football-related business.

Chelsea also said that in the financial year ending June 30, 2009 losses were reduced from 65.7 million pounds to 44.4 million pounds, but turnover was slightly down.

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