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July 1, 2003: Russian Oligarch Abramovich Buys Chelsea FC

2003-07-01

Chelsea FC owner Ken Bates agrees to sell the club to Russian oil and aluminum mogul Roman Abramovich for £140m. £80m of the money will be spent paying down debts Chelsea has recently accrued. £59.3m will be used to buy shares in the parent company, Chelsea Village, which are valued at a mere 35p each. Bates bought the club for £1 in 1982. The deal is the biggest in British football history. A statement issued for Abramovich pledges that he will invest in the team. [BBC, 7/2/2003]