Chelsea owner Roman Abramovich has agreed to write off the club's debts, it has been revealed.
The Daily Mail says Abramovich has shown a sensational act of commitment to Chelsea by writing off the club's £340million debts.
The Blues now have nothing to fear from proposed FIFA financial rules after the Russian billionaire wiped out the interest-free loans he had given the club since taking over in 2003.
Chairman Bruce Buck said: "The club's debt load has been reduced almost to nil in order to provide more long-term stability for the club.
"The reduction will also enable the club to comply with any regulations on debt levels which are being discussed by the football community."