Nov. 10 (Bloomberg) -- Chelsea, the London soccer club controlled by Russian billionaire Roman Abramovich, is looking to cut costs because England's top league may suffer from the global credit crisis, Chief Executive Officer Peter Kenyon said.

The club, leading England's Premier League, has gotten rid of 15 overseas scouts and told manager Luiz Felipe Scolari that he is unlikely to have funds available to make signings in the January transfer window. Non-essential day-to-day costs are also being studied, he said.

``We have reviewed the business, the vision and structure,'' Kenyon told an audience of sports business leaders at the International Football Arena conference in Zurich today. ``We have taken a prudent view, we are reviewing our cost base. I think it is a good practice for every business.''

English soccer clubs have already been affected by the global credit crisis. Manchester United jerseys are sponsored by American International Group Inc., the insurance company now controlled by the U.S. government. Newcastle players wear the logo of Northern Rock Plc, a U.K. mortgage-lender that was nationalized in February. West Ham United lost shirt sponsor XL Leisure Group Plc in September when the tour operator grounded all its flights because it ran out of money. West Bromwich Albion hasn't landed a shirt sponsor after being promoted from the second-tier Championship.

Kenyon declined to say whether Abramovich's personal wealth had suffered amid the market turmoil of recent months. A Bloomberg survey published in October revealed Russia's 25 wealthiest people lost more than $230 billion between May 19 and Oct. 6.

Chelsea is likely to achieve a target of breaking even by 2010, Kenyon said. Abramovich has plowed around 560 million pounds ($879 million) into Chelsea since acquiring it in 2003.

Under the Russian, the Blues have enjoyed the most successful period in their history, winning back-to-back league titles and reaching the Champions League final last season. Abramovich isn't planning to sell anytime soon, Kenyon said.

``His commitment to Chelsea is no more or less than before (the credit crunch), Kenyon said. ``Whatever has gone on in private, we are just as robust at Chelsea.''

Kenyon, who joined Chelsea from Manchester United, said his current team is in a more ``enviable'' position than the English champion and also title rival Liverpool.

While Chelsea's gotten interest-fee funds from Abramovich, the U.S. owners of United and Liverpool are paying interest on loans used to acquire the teams. They carry about 900 million pounds of debt.

``I'm glad we are not in that position, it gives us some strength -- it gives us a competitive advantage in the long run,'' he said.

To contact the reporter on this story: Tariq Panja in Zurich on tpanja@bloomberg.net

Last Updated: November 10, 2008 12:02 EST