Chelsea's debt to Roman Abramovich has topped £1 billion for the first time since the Russian oligarch took over at Stamford Bridge, according to accounts published by Fordstam.
The complex interest-free loan was created when Abramovich first took over at Stamford Bridge in 2003.
It was reported in 2010 that Abramovich had written off the £726m the club then owed him, but it was later revealed in an investigation by The Guardian that while some of the debt was converted into shares, a huge amount was not.
The loan has remained owing ever since and surpassed the £1bn barrier in the year ending June 2014. It now stands at £1,041,243,000, up £60m from the previous year.
Most worrying for Chelsea, Abramovich is allowed to recall the loan, forcing the club to pay back every penny with 18 months notice.
Building a dynasty
A decision, as shocking as it would be, would surely leave the Blues facing bankruptcy. Luckily, the Russian seems fully committed to building a dynasty at Stamford Bridge.
Abramovich is currently negotiating a new contract with Jose Mourinho and is set to back him in the summer transfer window with a large transfer budget. The debt will increase, but Abramovich has worked hard to make Chelsea a profitable club.
Gone are the days that Chelsea would announce losses of £140m, as they did in 2005. The year ending June 2014 saw them record a profit of £18.4m, the largest since Abramovich took over and the second in three years.
In the report, secretary Paul Heagren said: "The company has received confirmation from the ultimate controlling party that sufficient funds will be provided to finance the business for the foreseeable future.
"The football club needs to balance success on the field together with the financial imperatives of this new regime."
Ultimate sugar daddy
It is hard to say where Chelsea would be without Abramovich but it is likely they would not be picking up their fourth Premier League title.
Thanks to Abramovich's millions, Chelsea have been supercharged to success, inspiring millions around the world to start supporting them and providing the few that were there before he arrived with some unforgettable moments.
Would Chelsea have won a Premier League title by now if Abramovich hadn't taken over?
Give us YOUR opinion in the comment box below!
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