Abramovich will be forced to sell Chelsea or luxury yacht

According to reports in Russia, Roman Abramovich has been hit by the global credit crunch and will be forced to sell either his Pelorus luxury yacht or Chelsea. The Russian billionaire is said to have lost over £10billion of his estimated £13billion fortune in the last year.

The story comes from Russian Press Agency Prime Tass, which claims that Abramovich is looking to offload the Premier League club that he bought back in 2003 for £150million. Chelsea Football Club is now estimated to be worth somewhere in the region of £500million.

A spokesman for Chelsea, however, has insisted that the reports were completely unfounded and that Abramovich was one hundred per cent committed to the club. But the Russian oligarch has cancelled a luxury New Year's party in Aspen due to the credit crunch.

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