Chelsea chair defends free-spending policy

October 8, 2008

Chelsea chairman Bruce Buck has defended his club's spending policy amid growning debate around how much debt Europe's richest clubs should be allowed to accrue.

After FA chairman Lord Triesman revealed English football had amassed a debt of £3billion, UEFA announced they were undertaking a radical review of their own club licensing system with general secretary David Taylor also suggesting that clubs could be thrown out of European competitions in the future if they have heavy debt.

However, unlike some of their rivals, Chelsea do not have any external debt and Buck insists the club have not simply hoarded "a bunch of galacticos" but were instead looking to identify and develop English talent.

Buck said: "One of our priorities is finding young English players.

"They settle more quickly and understand the culture and dynamics of the English game.

"Money goes a long way but it doesn't necessarily get you over the line."

Four years ago, UEFA set up a system designed to make sure clubs were operating within their means.

But Taylor believes it would have to be monitored far more closely to stop borrowing spiralling out of control.

"We will not flinch if we have to exclude clubs from Europe's elite competition," Taylor said, adding that a UEFA working party will be looking at the issues imminently.