Mixed financial picture for Blues

CHELSEA are operating effectively free from debt after Roman Abramovich wiped off £340million (€381m) owed to him – but the prospect of the club breaking even by 2010 appears unlikely after they recorded a yearly loss of £44.4million (€49.75m).

Owner Abramovich halved the club’s debt a year ago by turning 50% of his interest-free loans into shares, with Chelsea revealing in their 2009 financial figures he has done the same with the remainder of the money owed.

It means the 43-year-old has ploughed more than £700million (€785m) into the club and, importantly, means Chelsea will be confident of complying with any potential regulations on debt levels from FIFA or UEFA.