Chelsea reveals $45M cost of hiring Villas-Boas

Chelsea spent 28 million pounds ($45 million) on firing manager

Carlo Ancelotti and hiring Andre Villas-Boas, an outlay that does

not appear to be paying off with the team performing worse in the

English Premier League this season.

Ancelotti was ditched in May after failing to win a trophy in

his second season at Stamford Bridge, prompting owner Roman

Abramovich to take a costly gamble on luring the inexperienced

Villas-Boas from Porto.

With the team a point worse off than at this stage last season

and just clinging onto the fourth Champions League place,

Abramovich has been a regular presence at training sessions during

the past week.

But Chelsea has moved quickly to insist that the notoriously

impatient Abramovich had positive talks with Villas-Boas during

visits to the training ground.

Chelsea made its worst start to a Premier League since

Abramovich’s takeover in 2003 and the team blew a 3-0 lead against

Manchester United on Sunday to draw 3-3.

Abramovich took a major risk in hiring the 34-year-old

Villas-Boas as his seventh manager in eight years after firing

Ancelotti, despite the Italian coach winning the league-FA Cup

double in his first season.

The 28 million pound cost of ”changes in the first team

management structure” last summer is revealed in Chelsea’s

accounts for the year to June 30, which were published on the

British company registry on Wednesday.

Chelsea has spent 64 million pounds ($102 million) in the last

four years on managerial changes, according to football finance

analyst Andy Green – a result of Abramovich making ruthless calls

if managers can’t meet his high expectations.

Jose Mourinho, who replaced Claudio Ranieri in 2004, was ousted

by Abramovich in 2007, despite presiding over the most successful

period in the club’s history in his three years in charge – winning

two Premier League titles, two FA Cups and one League Cup.

Villas-Boas is expected to deliver a trophy this season despite

overseeing a season of transition and Chelsea trying to comply with

new financial regulations, which the club calls a ”significant

challenge.”

But the west London club announced losses of 67.7 million pounds

($109 million) in the year to June 30, down slightly from the

previous year but higher than the two years before that.

The wage bill for players and coaches, though, dropped from 75

million pounds to 69 million pounds.

”The football club needs to balance success on the field

together with the financial imperatives of this new regime,”

company secretary Alan Shaw wrote in the directors’ report.

Clubs are set to be barred from the Champions League if they

breach the ”financial fair play” rules.

In an initial two-year monitoring period that started in July

2011, UEFA’s rules allow clubs to make a total loss of ?5 million

($6.5 million) in the first assessment period or up to ?45 million

($58 million).

Shaw insisted that Abramovich has ”sufficient funds … to

finance the business for the foreseeable future.”