Chelsea’s billionaire owner Roman Abramovich has reportedly told the club that their big spending days are over.
The Russian has been in control of the Premier League champions since 2003, but has told officials and executives that the club will now have to live within their means and that cutbacks will be necessary in order to stabilise finances at Stamford Bridge.
This has led to players having their bonus payments reduced, which basically means a pay cut, and when addressed at Chelsea’s Cobham training ground earlier in the week by chairman Bruce Buck, they were told that the club will now have to generate the money first in order to bring new players to Stamford Bridge.
The Russian forked out over £230 million in his first two years with the club, signings the likes of Michael Essien, Didier Drogba and defender Ricardo Carvalho, as well as some of the least successful signings such as Damien Duff and Adrian Mutu, all for substantial sums.
The cutbacks will also mean slashing catering costs and coaching staff numbers at their Cobham training ground.
However players who signed a contract before 2009 will still have their win bonuses guaranteed.
Despite the cutbacks at Chelsea, Abramovich is still owed £726m by holding company Fordstam but have recorded a staggering loss of £493m since the Russian took over.