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Sunday, September 23, 2007

Wasting Wealth a la Mr. Abramovich

Jose Mourinho, arguably the most successful coach of Chelsea FC, resigned from the club last week after a draw against Rosenborg of Norway in the group stage of the 2007/2008 UEFA Champions League. The story of his resignation shocked the football world, because the club and Mr. Mourinho himself have tried very hard to play down any problem between the owner of the club, Roman Abramovich, with the manager until recently. However, only a day after Peter Kenyon, the chief executive of Chelsea FC reiterated that Jose Mourinho is the future of the club, up came the sacking news.

It was published that the club parted company with Mr. Mourinho by "mutual consent", in the sense that Mourinho was not sacked and in the same time he didn't resign either. By using the "mutual consent" term, it means Mr. Mourinho will be entitled to approximately 20 millions pounds pay-off, as a compensation from the club to ask him go.

Mr. Abramovich has just thrown away 20 million pounds as if that amount of money was only peanuts to him. It is ridiculous to think about some people cannot even find a single dollar a day to make a living, while in the another part of this world someone has just wasted 20 million pounds happily.

The pay-off for Mourinho is the latest example of Abramovich's "generosity" in spending million after million to buy overpriced football players and inflate the salary of players in his club. Overall he has spent over 200 million pounds to date. There are no economic nor business calculations that can be applied to explain the football club management a la Mr. Abramovich. It is just extraordinary and out of this world.

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