Roman Abramovich’s Chelsea spent the equivalent of £640m net on new signings in a single season at their peak, football finance expert Kieran Maguire’s analysis for inflation adjusted spending shows.
Abramovich’s legacy is once again under the microscope, four years on from the sale to a consortium led by Todd Boehly and Behdad Eghbali.
Proceeds from the £2.5bn takeover were earmarked for a charitable foundation supporting victims of the war in Ukraine, but the UK Government – who forced the oligarch to sell due to his links to Russian premier Vladimir Putin – is now preparing to sue Abramovich for allegedly refusing to release the funds.
What’s more, the Premier League this week fined Chelsea nearly £11m after an investigation into illicit off-the-books payments to player agents during the Abramovich era. The perceived leniency of that penalty has been highlighted by legal expert and fans of rival clubs.
It’s time to bin the five-year plan, Todd 😡
Joe Cole is absolutely right.
Abramovich’s legacy, therefore, is increasingly complicated. For Chelsea fans, he is the man who delivered dozens of trophies, including five Premier League titles and two Champions Leagues. But to a growing number of commentators, that glory was achieved by cheating and blowing up the English game’s finances.
Speaking exclusively to The Chelsea Chronicle, University of Liverpool football finance lecturer Kieran Maguire gave his view on how history will review Abramovich’s time at Stamford Bridge.
“Abramovich created a new benchmark in terms of clubs and their ability to spend,” said the Price of Football author and Podcast host.
“He was a disruptor because, before him, there was duopoly with Manchester United or Arsenal for over a decade. So he shook up the market.
“There have been huge winners on the playing side under Abramovich. If you take a look at revenue, it’s up by 3,100 per cent since the inception of the Premier League and wages are up 4,000 per cent. That was partly driven by Abramovich’s approach, which was: what Roman wants, Roman gets.
A banner saying the Roman Empire with an image of Roman Abramovich owner of Chelsea during the Premier League match between Chelsea and Wolverhampton Wanderers at Stamford Bridge on May 07, 2022 in London, England.
Photo by Catherine Ivill/Getty Images
“He could persuade players to come to Chelsea by offering incredible salaries at the time. The season before Abramovich arrived at Chelsea, the wage bill was £45m. It then almost instantly went up to £115m. If you adjust their net spend for inflation, Chelsea spent £640m in a single season. That’s net, remember.
“There was no PSR or FFP, so Abramovich could do what he wanted. It was fun money, for want of a better phrase.”
“That level of spending delivered a seismic shock to football. It meant that United, Arsenal, Liverpool and so on had to spend more. That had a huge impact on football, which went from a modestly profitable industry to a huge loss-making one.
Should Chelsea be allowed to spend WHATEVER they want on transfers?
UEFA and the Premier League's rules don't think so…
Chelsea to debut new front-of-shirt sponsor IFS.ai against Burnley in the Premier League
Photo by James Gill – Danehouse/Getty Images
“It also made Sheikh Mansour and others realise that football could be a force for soft power, negotiation and awareness. After he arrived, the only oligarch people knew was Roman Abramovich. If you could do that on an individual level, why not on a state level? That’s what we’ve seen with Abu Dhabi and Man City, as well as Newcastle and PIF.
“So, his takeover was certainly one of the most critical moments in Premier League history.”
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