Chelsea FC chief nets £3.5m

This Is Money13 April 2012

PETER KENYON, chief executive of Chelsea Football Club, will this week join the ranks of Britain's best-paid bosses with a pay packet worth £3.5m, according to the Sunday Times.

The figure, contained in the first accounts to be filed for Chelsea since its takeover by Roman Abramovich, the Russian tycoon, includes Kenyon's basic salary, compensation for loss of benefits from his previous employer, Manchester United, and a performance-related element.

It comes as Chelsea prepares to report a record pre-tax loss for a Premiership football club of £87.8m for the year to June 2004, compared with a £26.5m loss the previous year. Much of the losses are due to heavy spending on new players by Abramovich. Turnover at the club soared 40% from £108.6m to £152.1m, driven by increased gate receipts and merchandise sales.

Kenyon said the club aimed to ease its dependency on Abramovich and that it wanted to break even at the operating profit level by the 2009-10 season. 'The ultimate security for Chelsea is that we run this as a business,' he said. 'It has been portrayed as though this is some sort of hobby (for Abramovich). It's not a hobby.'

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