foxsports
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.
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