Intriguing tale behind the Roman empire
The Press and Journal, 23 October 2004
Abramovich: The Billionaire from Nowhere, by Dominic Midgley and Chris Hutchins
(HarperCollins)
SOON after the halfway point in this book, the authors ask: "So just why did a publicity-shy Russian oligarch decide to buy an English Premier League side?"
It's a good question and, having used the preceding 180-odd pages to construct the most comprehensive picture of Abramovich yet published, they arrive at an entirely feasible conclusion.
"Abramovich knows, in spite of all the favours he has done for President Putin (of Russia), he is vulnerable to being turned against at any time.
"By buying Chelsea, the man became a household name in his adopted country. In the event of an attack by Putin, which British prime minister would be brave enough to refuse him asylum?"
Abramovich's story is one of political intrigue, ruthlessness and opportunism. As such, it falls into the category that truth is stranger than fiction, comfortably surpassing (in terms of both plot and writing) anything that could be served up in a fictional thriller.
As economic reform accelerated once the Soviet Union collapsed, Abramovich, a former soldier with no great academic record, recognised a gap in the oil trading market, where success depended upon his ability to acquire an export licence. There are several unsavoury - and unproven - accounts of how he raised sufficient capital, but, once established, he had a licence to print money.
Abramovich's big break came when he was introduced to Boris Berezovsky, who ensured when, in 1995, a virtually bankrupt Russia was forced to borrow money from the nation's oligarchs, he (Abramovich) managed to acquire a significant stake in the state oil company, Sibneft. Between them, Abramovich and Berezovsky bought Sibneft for 200million. By 2003, the company was valued at 15billion.
Abramovich quickly moved into Russian politics' inner circle, but also realised that the auction process by which he and Berezovsky had bought Sibneft left a little to be desired.
In 2003, it befell the football agent Pini Zahavi to broker a deal between a virtually bankrupt Chelsea owner, Ken Bates, and Abramovich, whereby the Russian bought the club for £60million and assumed a further £80million worth of debt.
This book provides the most fascinating account of how Abramovich managed to accumulate more than £7.5billion in the space of a decade and should be read by anyone not just with an interest in sport, but also in business and politics.
The Press and Journal, 23 October 2004
Abramovich: The Billionaire from Nowhere, by Dominic Midgley and Chris Hutchins
(HarperCollins)
SOON after the halfway point in this book, the authors ask: "So just why did a publicity-shy Russian oligarch decide to buy an English Premier League side?"
It's a good question and, having used the preceding 180-odd pages to construct the most comprehensive picture of Abramovich yet published, they arrive at an entirely feasible conclusion.
"Abramovich knows, in spite of all the favours he has done for President Putin (of Russia), he is vulnerable to being turned against at any time.
"By buying Chelsea, the man became a household name in his adopted country. In the event of an attack by Putin, which British prime minister would be brave enough to refuse him asylum?"
Abramovich's story is one of political intrigue, ruthlessness and opportunism. As such, it falls into the category that truth is stranger than fiction, comfortably surpassing (in terms of both plot and writing) anything that could be served up in a fictional thriller.
As economic reform accelerated once the Soviet Union collapsed, Abramovich, a former soldier with no great academic record, recognised a gap in the oil trading market, where success depended upon his ability to acquire an export licence. There are several unsavoury - and unproven - accounts of how he raised sufficient capital, but, once established, he had a licence to print money.
Abramovich's big break came when he was introduced to Boris Berezovsky, who ensured when, in 1995, a virtually bankrupt Russia was forced to borrow money from the nation's oligarchs, he (Abramovich) managed to acquire a significant stake in the state oil company, Sibneft. Between them, Abramovich and Berezovsky bought Sibneft for 200million. By 2003, the company was valued at 15billion.
Abramovich quickly moved into Russian politics' inner circle, but also realised that the auction process by which he and Berezovsky had bought Sibneft left a little to be desired.
In 2003, it befell the football agent Pini Zahavi to broker a deal between a virtually bankrupt Chelsea owner, Ken Bates, and Abramovich, whereby the Russian bought the club for £60million and assumed a further £80million worth of debt.
This book provides the most fascinating account of how Abramovich managed to accumulate more than £7.5billion in the space of a decade and should be read by anyone not just with an interest in sport, but also in business and politics.