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Chelsea owner Roman Abramovich sells £440m stake in gold company after losing BILLIONS in coronavirus crisis

CHELSEA owner Roman Abramovich is selling his 40 per cent stake in a gold company which is set to rake in £400MILLION.

That cash could soften the blow of his net worth plummeting by £2.4BILLION so far this year as a result of the coronavirus pandemic.

It could also give Chelsea fans renewed hope on two fronts.

The first is that Abramovich might plough money into boss Frank Lampard’s summer war-chest.

After a solid first season in charge with the Blues finishing fourth, next season they have a Champions League campaign to set out on.

There will also be hopes of a Premier League title challenge.

And the second concerns the stadium.

Last month SunSport reported how the club were given an extension of planning permission by the government.

The club’s previous agreement to extend their ground’s capacity to 60,000 seats expired during lockdown, with it unclear on what the future holds for the stadium.

It is expected the redevelopment of Stamford Bridge could cost around £1bn.

Abramovich is selling his 40 per cent stake in Highland Gold, in which he was a shareholder for many years.

It comes at a time when gold price is close to its record high as the Covid-19 pandemic drives investors towards the precious metal as a safe haven.

Highland Gold is one of the top ten gold producers in Russia with several mines in Russia’s Far East.

Fortiana Holdings Limited, a Cyprus-registered company of Russian businessman Vladislav Sviblov, agreed to buy 145,759,871 shares in Highland Gold from Abramovich and his partners at £3.00 per share.

The offer is expected to complete in the fourth quarter of 2020.

It was also revealed on Friday that Abramovich put £7million into Chelsea coffers in June via a share issue.

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