Chelsea ‘debt free’ in readiness for UEFA rules

Chelsea says it is now “effectively debt free” after turning

most of its outstanding liabilities to owner Roman Abramovich into

equity.

The Premier League club announced Wednesday that $541 million of

Abramovich’s interest-free loans have been converted into equity to

comply with future UEFA financial controls.

Chelsea chairman Bruce Buck said the move will “enable the club

to comply with any regulations on debt levels.”

UEFA president Michel Platini wants to ban clubs from the

Champions League after 2012 unless they break even on

soccer-related business.