Abramovich writes off £36m Chelsea bond taken out by Bates

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The Leeds United owner took out a 10-year loan worth £75m in 1997 to help buy Stamford Bridge from the estate of former director Matthew Harding and to fund stadium redevelopment.

Abramovich paid off half the outstanding amount when he took control of Chelsea four years ago, but is understood to have waited until now to repay the rest in order to avoid early repayment penalties.

According to the club's 2006 accounts, the Russian billionaire had already loaned Chelsea £270m.

That is in addition to the £440m he has spent on acquiring the club and funding transfers.

However, while the accounts show those loans as debt, club sources say Abramovich will never demand they be repaid.