Chelsea pensioners’ rebuild will test Roman Abramovich’s enthusiasm

• Chelsea squad has an average age of 29 and a half
• Russian owner will have to dig deep to replace them

The ghosts of José Mourinho’s past, in Chelsea shirts at San Siro last night, are the ghosts of Roman Abramovich’s future – and no one can be certain that the Russian will not be spooked.

As the complexion of last night’s Chelsea team demonstrated, the club have ticked along nicely in recent years without too much expense, the odd £44m yearly loss – small change to Abramovich – notwithstanding. Yet the mere tinkering Chelsea’s squad has required since Mourinho’s departure does not look like lasting long.

Twelve outfield players have made at least 10 league starts for Chelsea this year and by the time next season kicks off, their average age will be 29 and a half. Replacing them could very well require a quarter of a billion pounds of support from Abramovich, in addition to the eight-figure largesse Chelsea annually requires.

In the first flush of his ownership Abramovich unquestioningly signed cheques amounting to that sum. But, if his dream of European conquest is again not realised this year (and with the tawdry allegations surrounding Ashley Cole and John Terry alarming the Russian), questions must be raised as to whether he has sufficient enthusiasm to fund the rejuvenation of his ageing team.

Abramovich’s defenders say the oligarch remains as committed as ever to his club, pointing to the fact he still funds it despite several previous challenges – not least the twilight of Mourinho’s turbulent tenure. But the collapse of Portsmouth stands as a warning of what happens when a Russian patriarch suddenly withdraws his finance. It will be deeds not words that count.

Pompey questions persist

The tax authorities were last night poring over the statement of affairs Portsmouth submitted to the high court. Her Majesty’s Revenue & Customs is picking over the cashflow statements for evidence of what has gone where during the four different ownership regimes this season. The taxman is trying to find out where all the transfer receipts, a supposedly multi-million-pound injection from Ali al-Faraj and the £17m plunged into the club by Balram Chainrai’s Portpin vehicle have gone. HMRC is said to have £18m to protect and will seek to ensure the expected administrator, UHY Hacker Young, have all the facts to hand.

Uefa’s unfair exchange

Premier League discomfiture at the release of Uefa’s analysis of debts across Europe was inevitable. That 56% of it comes from England is not great PR. But the indignation at Gloucester Place regarding that stark figure is in part well‑founded. At the time the analysis took place the pound was more than 10% stronger against the euro. And where the 2007-08 debt figures equated

Chelsea say they are ‘effectively debt-free’ under Roman Abramovich

• Russian owner has converted debt to equity
• ‘It is still our aim to be self-sufficient’

Roman Abramovich has all but wiped out Chelsea’s £340m debt, according to financial figures released by the Premier League leaders today.

The club’s 2009 results reveal losses down to £44.4m and a compensation payment of £12.6m to the former manager Luiz Felipe Scolari and three of his staff.

A club statement read: “Following previous conversions of half of the debt, the remainder of the interest-free loans from the parent company, whose ultimate controlling party is Roman Abramovich, have been converted into equity, making the group effectively debt-free.”

Chelsea said the move demonstrated “the continuing commitment from the shareholder to the group”. It will also remove any fears of a meltdown if Abramovich decides to walk away.

The club’s chairman, Bruce Buck, said: “The club’s debt load has been reduced almost to nil in order to provide more long-term stability for the club. The reduction will also enable the club to comply with any regulations on debt levels which are being discussed by the football community.”

Abramovich has bankrolled Chelsea since 2003; the former chief executive Peter Kenyon had spoken of the club breaking even by 2010. The losses announced are down from £65.7m last year but show the club still to be reliant on their owner.

Chelsea’s chief executive, Ron Gourlay, said: “It is still our aim to be self-sufficient and we will achieve this by increasing our revenues as we continue to leverage off our brand. We are reducing our costs by controlling expenses, including salaries and wages.”

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