![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/i-bought-chelsea-for-just-1-and-sold-for-140m-now-i-live-high-life-in-monaco/&media=https://uknews.evprotec.com/wp-content/uploads/2023/08/2021-general-view-inside-stadium-836976040.jpg&description=DEEP BLUE Published : 8:37, 12 Aug 2023 Updated : 8:37, 12 Aug 2023 KEN BATES went from a council estate to being Chelsea's owner and is now living the high life in Monaco. The British businessman took control of the Blues in 1982 after buying the club for just £1 and 21 years later sold the club for £140million. 6 Ken Bates bought Chelsea in 1982 for £1 Credit: Times Newspapers Ltd 6 He took the club from the second division to be a top team in the Premier League Credit: News Group Newspapers Ltd 6 He sold the club to Roman Abramovich in 2003 for £140m Credit: AFP Bates, 92, bought the club after it had gone bust and was unable to pay players' wages. At the time Chelsea were fighting it out in the second division and could only dream of competing at the top of English football . However, Bates was able to transform the club during his 21-year ownership as he took it to the newly formed Premier League. The Blues for a time under Bate's rule were able to become one of the elite sides in the top division through investment in players and coaches. Bates has since revealed that his backing was due to his "love of the game". He had grown up in a council estate in Hanwell, West London, but managed to make his fortune in the ready-mix concrete business. Bates' love of football had seen him use his fortune to also have spells in charge of Oldham Athletic and Wigan Athletic before his time at Chelsea. The Blues only just escaped relegation to the Third Division on the final day of the 1982/83 season but under Bates, they earned promotion the following year. The club had seen John Neal become manager and players Kerry Nixon and Pat Nevin excel and embark on a new era in which they only spent one season out of the top flight. During this 19-year period, the Blues picked up two FA Cups the European Cup Winners' Cup and League Cup . In Bates' last seven years as owner, the club failed to finish outside of the top six. The club also saw world-class talents such as Gianfranco Zola){kind=link}
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KEN BATES went from a council estate to being Chelsea’s owner and is now living the high life in Monaco.
The British businessman took control of the Blues in 1982 after buying the club for just £1 and 21 years later sold the club for £140million.
Bates, 92, bought the club after it had gone bust and was unable to pay players’ wages.
At the time Chelsea were fighting it out in the second division and could only dream of competing at the top of English football.