markinmanc
25-01-2009, 11:05 AM
http://www.guardian.co.uk/football/2009/jan/25/new-doubts-about-finances-of-chelsea-owner
Doubts over Roman Abramovich's financial circumstances have been fuelled by the Chelsea (http://www.guardian.co.uk/football/chelsea) owner's decision to cut his stake in a Russian gold-mining company at a substantial loss. Abramovich has sold a quarter of his 40% stake in London-listed Highland Gold to business partners this month for about £12m. The shares cost Abramovich £49.1m when he bought in 13 months ago.
City experts have expressed surprise that the Russian would sell shares when their price was close to a market low yet expected to recover in the medium term. They argue that the raising of the relatively small sum of £12m suggests that Abramovich may be suffering liquidity problems, with much of his wealth tied up in shares that have fallen sharply in value, property and art.
Doubts over Roman Abramovich's financial circumstances have been fuelled by the Chelsea (http://www.guardian.co.uk/football/chelsea) owner's decision to cut his stake in a Russian gold-mining company at a substantial loss. Abramovich has sold a quarter of his 40% stake in London-listed Highland Gold to business partners this month for about £12m. The shares cost Abramovich £49.1m when he bought in 13 months ago.
City experts have expressed surprise that the Russian would sell shares when their price was close to a market low yet expected to recover in the medium term. They argue that the raising of the relatively small sum of £12m suggests that Abramovich may be suffering liquidity problems, with much of his wealth tied up in shares that have fallen sharply in value, property and art.