BSkyB has sold its 9.9% stake in Chelsea Football Club to Roman Abramovich, the Russian oil billionaire for an undisclosed amount.
The satellite broadcaster has already written off most of its £40 million investment in Chelsea which is now almost wholly owned by Mr Abramovich.
According to The Times, BSkyB will receive £5.9 million for its holding of ordinary shares, but it is not known how much it will receive for its preference shares.
At the height of the football rights boom, BSkyB bought stakes in a number of football clubs including Manchester United but an attempted takeover of the Premiership champions was blocked by the competition authorities.
BSkyB is currently bidding for the right to retain the broadcasting rights to live Premiership football when the current contract expires in 2004 (see BSkyB Bids To Retain Premiership Prize).
