Losses but Ambramovich Stay

English Premiership champions Chelsea have insisted Roman Abramovich, their Russian billionaire owner, will be staying at Stamford Bridge after the London club revealed on Monday annual losses for the year ending June 30, 2006 of £80.2mil (119mil euros).

This was an improvement on the previous season when Chelsea lost £140mil (208mil euros) during which they also won the Premiership title under Portuguese coach Jose Mourinho.

Chelsea, whose adult general sale prices for Premiership matches start at £40, subsequently announced they were freezing prices on all non-corporate tickets for league matches next season and planning cuts for other games.

“We understand that our ticket prices are at the higher end and we are sensitive to the economic demands on our supporters,” Chelsea chief executive Peter Kenyon told the club's website.

Earlier, Chelsea said costs have been cut by 42.9%, which keeps the big-spenders on target to break even by 2009-10 with the club stressing they want to be run along proper commercial lines and not be solely dependent on ever bigger handouts from Abramovich.

Asked if Chelsea's figures constituted financial success, club spokesman Simon Greenberg told BBC Radio Four: "No, I do not think it is success. – AFP