Abramovich loses £12bn

[Cunny]

http://www.thisislondon.co.uk/standard/art...club/article.do

 

Is there any truth in this?

If so are Chelsea fecked?

PLTBT

 

Roman loses £12bn on bad day for London's club

Amar Singh

10.10.08

 

Roman Abramovich has lost £12 billion on the Russian stock exchange, it was revealed today.

 

The owner of Chelsea FC has seen his fortune dwindle as Russia's Micex Index has gone into freefall.

 

The decline in value of two of his companies on the Moscow-based index, steel maker Evraz and mining company Highland Gold, has left the 41 year-old tycoon $20.3 billion (£11.9 billion) out of pocket.

 

The staggering loss was revealed today by analysts who said it represented a decline in the equity value of traded companies.

 

Abramovich's woes come on a disastrous financial day for London's Premiership football clubs with the owners of Arsenal and West Ham also suffering.

 

Arsenal FC's part owner Alisher Usmanov has lost £7 billion ($11.7 billion) on the Micex index which has declined 61 percent since its peak in May and was closed today for the second time this week.

 

The metals and mining mogul and Abramovich are part of a list of 25 Russian oligarch's who have lost £140 billion ($238 billion) on the Micex index.

 

The country's ailing economy has also been hit by war with Georgia and foreign capitalists withdrawing billions of pounds worth of investment from a nation facing a period of instability.

 

West Ham were plunged further into crisis as it was revealed that the east London club's Icelandic owner Bjorgolfur Gudmundsson is considering selling the club after losing £230 million in the country's own economic crash.

 

Abramovich's unprecedented loss will set alarm bells ringing in the football world and the City.

 

It comes after Chelsea chairman, Bruce Buck suggested this week that the club could sell players to survive the financial turmoil.

 

He said: “Even with a benefactor like Roman Abramovich, if we think revenues are going to go down a bit we have to look at our expense side to look for areas where it is appropriate for us to save money. That's actually a process we are engaged with at the moment.”

[Tones]

http://www.thisislondon.co.uk/standard/art...club/article.do

 

Is there any truth in this?

If so are Chelsea fecked?

PLTBT

 

Lets hope so

[Gunga Din]

If he pulls the plug, Chelsea will be out of business. there is no way they will survive without him. it would be hilarious

[Cam]

What's his actual wealth? I thought I'd read it was £5bn when he bought Chelsea.

 

If it's much more than £12bn it may not be that much to him - never mind Chelsea's annual losses.

[fyds]

I thought his worth was 11bn after the compulsory buyout by Putin - if so, losing 12bn must have been a bit tricky!

[Sir Tokyo Sexwale]

If he hasn't sold any shares, he hasn't lost anything.

 

My pension, investments etc may be worth less than they were 6 months ago, but as I haven't cashed any of them in, I haven't lost anything

[John am Rhein]

If he hasn't sold any shares, he hasn't lost anything.

 

My pension, investments etc may be worth less than they were 6 months ago, but as I haven't cashed any of them in, I haven't lost anything

 

He must have the liquidity of the Sahara Desert, though

[Andy @ Allerton]

If he pulls the plug, Chelsea will be out of business. there is no way they will survive without him. it would be hilarious

 

 

It would be absolutely brilliant.

 

They were sold for £1 years ago, and I believe were going to go to the wall before their sugar-daddy stepped in.

 

If there was a club more deserving of going out of existence than Chelsea - well, I've never heard of it.

[Cunny]

If there was a club more deserving of going out of existence than Chelsea - well, I've never heard of it.

 

I think you can probably think of one...

[Tosh]

Maybe explains why Chelsea are suing that Norwegian club they got Obi Mikel from

[Andy @ Allerton]

I think you can probably think of one...

 

I dislike the Mancs this is true, but they have never continually been at the exit of football.

 

The only reason Chelsea exist is because they've been bailed out (at least twice)

[Anfield Fox]

If he hasn't sold any shares, he hasn't lost anything.

 

My pension, investments etc may be worth less than they were 6 months ago, but as I haven't cashed any of them in, I haven't lost anything

 

That's not entirely true. These "rich lists" are not only based on liquid assets but take everything into account including his stock portfolio.

 

According to the 2008 Forbes magazine, as of 5 March 2008, he had a net worth of US$23.5 billion. Forbes magazine ranked him as the fifteenth richest person in the world. He was considered to be the second richest person currently living within the United Kingdom in 2008.

 

Therefore if it's true then he's down to his last $3.2 billion. The poor b*****d.

[Cobs]

How do they know all this schit though?

 

who is telling them where he has all his dosh?

[Anfield Fox]

How do they know all this schit though?

 

who is telling them where he has all his dosh?

 

I think it's based on the falling share prices of his two companies of which he is the majority shareholder. Like we all know that G&H each own 50% of LFC. Again, not saying the report is true but they could easily find out his shareholdings in those companies and then compare the value now to what it was before the crash.

[Cobs]

you'd expect he'd have a fair bit invested here there and everywhere though, wouldn't you?

[stressederic]

That's not entirely true. These "rich lists" are not only based on liquid assets but take everything into account including his stock portfolio.

 

According to the 2008 Forbes magazine, as of 5 March 2008, he had a net worth of US$23.5 billion. Forbes magazine ranked him as the fifteenth richest person in the world. He was considered to be the second richest person currently living within the United Kingdom in 2008.

 

Therefore if it's true then he's down to his last $3.2 billion. The poor b*****d.

 

Though having lost $12bn the gap between him and RP has probably grown.

[Earl Hafler]

He lost £400m the other day. Evraz has dropped from $118 a share to $20 a share, $4 lower than what he paid for them.

 

£12 billion has to be wrong, though. It's the vast majority of his wealth.

[Ronnie Whelan]

He lost £400m the other day. Evraz has dropped from $118 a share to $20 a share, $4 lower than what he paid for them.

 

£12 billion has to be wrong, though. It's the vast majority of his wealth.

 

 

I would imagine the sensational figure is coming from what he could have had if he cashed his Evrax shares at $118 to what he would get if he cashed at $20.

[fyds]

you'd expect he'd have a fair bit invested here there and everywhere though, wouldn't you?

Which could mean he's lost even more than they realised!