sport

CHELSEA UNFAZED DESPITE DEBT WARNINGS

Abramovich - Chelsea's owner.

Chelsea have insisted their financial well-being is assured under Roman Abramovich's ownership - but UEFA have warned that any clubs overburdened with debt could face exclusion from the Champions League.

UEFA general secretary David Taylor has revealed European football's governing body will aim to find fresh ways to address the number of clubs who are succeeding on borrowed money.

The funds Abramovich has loaned Chelsea have allowed the London club to grow into European giants, and chairman Bruce Buck is confident the debt to the owner will be available for years to come.

Speaking on BBC Radio Five Live later, Buck said: "We're very comfortable with the debt we have from Roman Abramovich in terms of its viability, its importance and its long-term availability."

UEFA are expected to focus on clubs who are struggling under the weight of debts which require servicing, and they are to undertake a radical review of their own club licensing system.

Taylor said: "This is an attempt to find greater financial stability, especially at a time when banks are failing.

"Governments might bail out banks but they are not going to bail out a football club."

He explained: "We will not flinch if we have to exclude clubs from Europe's elite competition."

Former Scottish FA chief executive Taylor said: "We cannot let things stay as they are. There would be forms of communication, even warnings, even reprimands before one would ever get to a situation of exclusion but it's absolutely possible.

"It won't happen overnight or even next season but it is the ultimate sanction."

Taylor insisted UEFA wanted to promote "financial fair play" and that the time had come for action.

Football Association chairman Lord Triesman suggested on Tuesday that a salary cap may be worth considering in England given the financial pressures some clubs are under.

And Liverpool defender Jamie Carragher insists everything must be done to protect troubled clubs - even if it means a restriction on wage levels.

Speaking on Sky Sports News, Carragher said: "If bringing a wage cap in is going to stop teams going bust, then I'm sure it's got to happen.

"The most important thing is the football club."

Crystal Palace chairman Simon Jordan does not expect investment in football clubs to go out of fashion during the current credit crunch.

Jordan told BBC Radio Five Live: "The economics of football are always based upon success.

"There are people buying football clubs for a number of reasons: some people buy them because they can and they want to; some people buy them because it gives them credibility; some people buy them because they want to be associated with a good British asset; some people buy them as a very expensive life insurance policy.

"But there are many reasons why many wealthy people are pouring money into football clubs."

However former FA executive director David Davies believes Lord Triesman's concerns about the financial health of the domestic game may prove to be more accurate than Jordan's perception.

"I believe Lord Triesman will prove Simon wrong," said Davies.

"He (Triesman) is a shrewd guy."

Davies also delivered a warning regarding ownership, saying: "The moment we get worried about these foreign owners, and we say 'We don't really want you', they may just take us at our word."