July 1 - From Russia with Cash

IT caught just about everybody by surprise and has had far reaching implications for both English and European football.

We are talking about the purchase of Chelsea by Russian billionaire Roman Abramovich which was completed today in 2003. The shady Russian seemed to have come out of nowhere to buy the club and not everyone was happy when the news was announced, with one Chelsea fan telling the BBC: “I think it’s disgraceful because I always thought that Ken Bates was Mr Chelsea.”

For Ken Bates the sale allowed him to breathe a massive sigh of relief. Ha had transformed the club from the shambles be bought for £1 in 1982 but he had racked up £80m worth of debt assembling a Chelsea team capable of qualifying for the Champions League. Time was running out for Bates and had Abramovich not come over the horizon with his roubles, Chelsea could have been Leeds mark two.

Bates said: “This is a great deal for Chelsea Village, the club and its fans.”

“In today’s highly competitive football market, the club will benefit from a new owner with deeper pockets to move Chelsea to the next level.

“I look forward to working with Roman Abramovich to achieve even greater things.”

The club would go on to achieve great things, but not with Bates around because although he was originally intending to stay on as chairman, it soon became apparent that there was only room for one megalomaniac at Stamford Bridge and he had left within a year of the takeover.

For his part, the shy Abramovich issued a rare statement on his thoughts about his new purchase. He said: “We are delighted to agree this deal to acquire what is already one of the top clubs in Europe.”

“We have the resources and ambition to achieve even more given the huge potential of this great club.”

He wasn’t kidding and soon embarked on a spending spree that made Jack Walker look tight fisted as he hoovered up players from around Europe like a teenager who has just found an unlimited transfer fund cheat on Championship Manager.

Before the summer was out manager Claudio Ranieri had splurged £100m on, deep breath: Wayne Bridge, Glen Johnson, Damien Duff, Geremi, Joe Cole, Juan Sebastian Veron, Adrian Mutu, Hernan Crespo, Alexei Smertin and Claude Makelele. Not that any of that paid any instant dividends as the team won nothing in the Russian’s first season.

Jose Mourinho remedied that when he replaced Ranieri in 2004, winning the Premiership in his first season - Chelsea’s first title for 50 years - but the big prize, the European Cup, still eludes Abramovich with last year’s final the closest the Blues have come. Still, with practically unlimited funds at his disposal, he’ll probably get there in the end.

Have a look at John Terry slipping over in Moscow below, and keep it OTFD tomorrow.

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