Roman loses £12bn on bad day for London's clubs.... - HotUKDeals
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Roman loses £12bn on bad day for London's clubs....

jaybizzle Avatar
8y, 1m agoPosted 8 years, 1 month ago
Roman Abramovich has lost £12 billion on the Russian stock exchange, it was revealed today.

The owner of Chelsea FC has seen his fortune dwindle as Russia's Micex Index has gone into freefall.

The decline in value of two of his companies on the Moscow-based index, steel maker Evraz and mining company Highland Gold, has left the 41 year-old tycoon $20.3 billion (£11.9 billion) out of pocket.

The staggering loss was revealed today by analysts who said it represented a decline in the equity value of traded companies.

Abramovich's woes come on a disastrous financial day for London's Premiership football clubs with the owners of Arsenal and West Ham also suffering.

Arsenal FC's part owner Alisher Usmanov has lost £7 billion ($11.7 billion) on the Micex index which has declined 61 percent since its peak in May and was closed today for the second time this week.

The metals and mining mogul and Abramovich are part of a list of 25 Russian oligarch's who have lost £140 billion ($238 billion) on the Micex index.

The country's ailing economy has also been hit by war with Georgia and foreign capitalists withdrawing billions of pounds worth of investment from a nation facing a period of instability.

West Ham were plunged further into crisis as it was revealed that the east London club's Icelandic owner Bjorgolfur Gudmundsson is considering selling the club after losing £230 million in the country's own economic crash.

Abramovich's unprecedented loss will set alarm bells ringing in the football world and the City.

It comes after Chelsea chairman, Bruce Buck suggested this week that the club could sell players to survive the financial turmoil.

He said: Even with a benefactor like Roman Abramovich, if we think revenues are going to go down a bit we have to look at our expense side to look for areas where it is appropriate for us to save money. That's actually a process we are engaged with at the moment.

http://www.thisislondon.co.uk/standard/article-23571214-details/article.do?ito=newsnow&
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jaybizzle Avatar
8y, 1m agoPosted 8 years, 1 month ago
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#1
Couldnt have happened to a nicer club/owner !

Word on the street is a couple of clubs could go bust by end of the season to...
#2
Er now let me see, what was I going to say? Oh yes................................... SHAME!
#3
Hahahhhaahahahahahaha
#4
blesss, hes probably only got a few biliion left....... :-/
#5
Hope he loses another £12bn tomorrow, and the rest the day after. These oligarchs and politicians have bled Russia dry.
banned#6
Liddle ol' me
Hope he loses another £12bn tomorrow, and the rest the day after. These oligarchs and politicians have bled Russia dry.


Cant dissagree with that! :thumbsup:
[mod]#7
If he's lost £12 Billion then that's his personal fortune wiped out. I'd imagine that it's his business making the losses..............either that or he's in cardboard city right now. lol
#8
They seem to be helping lots of other fat cats out who have been milking it till it's all gone sour.

Poor average Russian guy on the street hasn't got tuppence to his name and these criminals are creaming it all off.

Even that Pukin is married to some filthy rich individual.

Somebody explain to me why there needs to be people who live purely from market speculation.

I understand buying and selling shares to provide companies with the finance to develop.

But people purely wheeling and dealing - every gain is somebodies loss.

SO when they make millions it must be a lot of poor sods like me who are losing.

I suggest anyone buying share must be obliged to keep then for a minimum of a year before they can sell them.

We need stability and honest money made form genuine trade.

I am now shutting up.

God bless the Queen.
[mod]#9
That's why they have stopped short selling on the market to try and bring some stability and to stop the speculators further destabilising the market for a quick buck. :)
banned#10
Syzable
That's why they have stopped short selling on the market to try and bring some stability and to stop the speculators further destabilising the market for a quick buck. :)


Every year we go out to Geneva and stay with friends. He is the treasurer there for an Arab bank. When we were there July last year, the news on the US market was just breaking and he was explaining the serious implications of what the US banks had done and predicting what has now unfolded becoming a reality.

When we were there this July, we were talking about exactly what you speak about above and he was suggesting they should seize the profits these people have made - purely because their own influence (and greed) has affectively exaperated the damage making it far worse. If someone did something to destablise an economy, they'd be labelled a terrorist. I can see ways they can make this smash and grab back!!!! :w00t::p
#11
Syzable
If he's lost £12 Billion then that's his personal fortune wiped out. I'd imagine that it's his business making the losses..............either that or he's in cardboard city right now. lol


Yep, I always thought he had less than £12 billion to begin with. Hard times for everyone it seems.
#12
Glad to hear steel companies are in trouble after i broke my hand on it last night. :giggle:

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