Chelsea owner Abramovich and Arsenal shareholder Usmanov counting losses after oil prices drop

The drastic drop in the price of oil in Russia has led to a number of wealthy businessman losing hundreds of millions of pounds within the space of just 10 days.

The price slump is unfortunate news for supporters of Chelsea and Arsenal, two Premier League clubs which are hugely funded by wealthy Russian businessmen.

Chelsea owner Roman Abramovich and Alisher Usmanov, Arsenal's second biggest shareholder, are thought to have lost a combined total of more than £1billion since the start of 2016.

Abramovich, who is understood to be worth $6billion (£4.2billion), has personally lost around $820million (£575million), according to a report in the Telegraph.

Usmanov, who owns a third of Arsenal, has lost $910million (£638million).

While Abramovich has lost a huge chunk of his wealth, his investments in highly valuable properties in London, New York and southern France are safe bets when it comes maintaining value, as opposed to the price of oil which fluctuates a lot more.

The 49-year-old bought Chelsea in 2003 and transformed the London club into a major force in European football.

Since his arrival at Stamford Bridge, the Blues have won four Premier League titles, four FA Cups, three League Cups, one Champions League title and one Europa League title.

Usmanov, meanwhile, has gradually increased his stake in Arsenal since he first invested in the club in August 2007.

The 62-year-old's stake in the club has stood at 30% since October 2013.