Abramovich could have bought Arsenal before Chelsea but was warned off

Chelsea owner Roman Abramovich could have bought Arsenal instead of the Blues 16 years ago but was mistakenly discouraged from making an offer by a team of ignorant Swiss bankers.

The incredible revelations have come from a new book, The Club, written by two writers from the Wall Street Journal .

The American journalists conducted a series of interviews with executives from a number leading Premier League clubs, according to The Sun.

The book claims that Russian billionaire Abramovich hired Swiss bank UBS to examine the economics of English top-flight football in 2003.

One of their findings was that 'Arsenal were categorically not for sale'.

Abramovich, who had been interested in purchasing the Gunners, instead chose to buy London rivals Chelsea for £140m.

The book also says former Arsenal vice-chairman David Dein believed the club's owners would have been open to selling had Abramovich had made a formal offer.

Chelsea would go on to benefit hugely from the oligarch's investment, winning five Premier League titles and a Champions League in the following years.

Another claim made by the book is that Abramovich met with Tottenham but 'while his Mercedes trundled along Tottenham High Road, he looked out and said in Russian, "This is worse than Omsk" — the grim Siberian outpost where he had a refinery.'