Russian to buy Chelsea

CHELSEA owner Ken Bates last night cleared the way for a Russian businessman to buy the club for around £30million.

Stamford Bridge chairman Bates has agreed to sell his £17.5 million stake in Chelsea Village to Russian businessman Roman Abramovich.

Abramovich yesterday arranged to buy 84,908,506 Chelsea Village Shares around 50 million 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 purchasing of these shares will cost the Abramovich £29.6million.

Abramovich, aged 36, a 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.

He said: "We are delighted to agree this deal to acquire what is already one of the top clubs in Europe.

"We have the resources and ambition to achieve even more given the huge potential of this great club."

Bates said: "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."

Abramovich received a legal degree from Moscow State Law Academy then worked for Sibneft, the fifth largest Russian oil producer.

He was subsequently elected to the board of directors in 1996, a position he held until 2000. In 1999, he was elected to the lower house of the Russian parliament.