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Abramovich to Appear in Court

Owner of the Chelsea football club Roman Abramovich to sue a London pensioner
Alex McColm will not sell 100 shares of Chelsea Village, the company that owns the football club. Russian businessman Roman Abramovich offered the pensioner 35 pounds for the shares which the latter estimated as robbery, Russia's Echo Moskvy radio reports. The man is indignant at the fact that he had purchased the shares for 120 pounds, but now he does not understand why he must sell them for 35 pounds. The pensioner is ready to compromise in case if he is granted two lifelong season tickets to all Chelsea games. But the Russian oligarch will not compromise and has already offered the pensioner to come to court.
 
Attorneys of Roman Abramovich cite paragraph #429 of the company's 1985 charter. The paragraph says that the majority shareholder may demand that the minority shareholders must sell their shares at a price that the majority shareholder fixes.

Citigroup Global Markets Managing Director Michael Cunningham is on Abramovich's side. He has sent an official notice to Alex McColm saying that he is obliged to agree with the conditions of the new owner. Otherwise the pensioner's shares will be confiscated. The pensioner may contest the decision at court within six weeks.

The English football club lost to Turkey's Besiktas (0:2) in the Champions League. Both goals were scored by Sergen.

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