Paphos People

Bayern Munich general manager Uli Hoeness claims he has heard rumours that Chelsea are up for sale as the financial crisis threatens to affect English football.

Hoeness believes the level of spending from the top Premier League clubs was not sustainable and it will allow Bundesliga sides to take advantage in Europe and in terms of dealing with any fall-out.

The 57-year-old says the weak pound is going to have a massive impact on the transfer market in the coming months.

"I hear rumours that this club [Chelsea] would be up for sale," he told the Frankfurter Allgemeine Sonntagszeitung.

"Allegedly, it was for one euro. But if you will have to take on 800 or 900 million euros in debt, it will be difficult to find someone.

"I hear the players in England are already mourning because of the weak pound, which has lost 30 percent of its value. Most now have quite a loss.

"Take for example, in England, West Ham United with the Icelandic investor who has lost his money. As the lights go out, this is as safe as the Amen in the church [certain that the conclusion is bleak]. And, in Liverpool, a new stadium will not be built.

"This is really only the beginning. The banks will finance this whole insanity no more.

"We do not need an investor or the bank to ask if we want to strengthen. We have perfect conditions and full coffers.

"There are signs that the megalomania in England, Italy or Spain can no longer hold out. The others, who have spent hundreds of millions each year, will be quite sustained.

"The distance to them will be smaller. Here, I see a great opportunity for German football and especially for the top clubs."

Chelsea have insisted that owner Roman Abramovich remains totally committed to the project at Stamford Bridge.