Roman Abramovich, famously mute in public, once had a slogan: “New governor, new life.” It was his promise in 2000 as he stood for election in the remote Russian province of Chukotka. At the time, he pledged to help the poor; three years later he took on a different sort of project, but one also founded on the power of wealth.

Swiftly, silently, he took control of Chelsea and remodelled a club and a sport. New owner, new life. Abramovich stood down as governor of Chukotka last week, but if he is no longer playing politics, he is still playing football, still talked about from Siberia to Sydney to San Jose.

Five years ago, Chelsea had just finished fourth in the league, ensuring their first Champions League campaign for four years. This promise of a cash influx sparked more relief than joy among a fan-base worried that the club’s debts might cause it to collapse. Then a 36-year-old billionaire, little-known outside Russia, bought the club from Ken Bates in a £140 million deal and those fears evaporated. The concern now was not what would become of the club, but what would the club become?

On July 2, the day after Abramovich arrived, Gianfranco Zola, the club’s most popular player, returned to Italy. Never mind. Replacements were on their way: Joe Cole, Adrian Mutu, Damien Duff, Hernán Crespo and Juan Sebastián Verón were among the high-profile, high-cost arrivals. Within weeks, Abramovich took Peter Kenyon from Manchester United to be chief executive and within months, Kenyon announced the club’s grand plan: to become profit-making by 2010 and the biggest club in the world by 2014, having won the Champions League more than once.

Chelsea finished second to Arsenal at the end of the Russian’s first season; Claudio Ranieri left, José Mourinho was appointed manager in his stead and in 2005, Chelsea won the league for the first time in 50 years, retaining their title the next year.

So, how close are Chelsea to achieving Kenyon’s aims? How far have the club come in such a short time? According to research by Sport+Markt, a European sports marketing agency, Chelsea have 2.4 million fans in the UK, far below Manchester United’s 5.8 million, but a 523 per cent increase on the preAbramovich days. Chelsea are rated as the seventh-most popular club in Europe, supported by 19.7 million people, 300,000 more than Liverpool.

“The season before Abramovich, 2002-03, Chelsea were the tenth-biggest club in Europe in terms of revenues. In the last set of figures available, for 2006-07, Chelsea had moved up to fourth,” Alex Byars, from Deloitte’s Sports Business Group, said.

In 2006-07, Chelsea’s revenue more than doubled, to £190 million, second in England only to United. But their losses were also the league’s highest and Chelsea’s annual wage bill has risen from £55 million in the season before Abramovich arrived to £115 million after his first year to £133 million in 2006-07 – £30 million more than United’s.

Byars believes that the ripple effect of Abramovich’s spending can be overstated because while wages and transfer fees have rocketed in the Premier League, so has each club’s revenue from sources such as television rights. “In 2002-03, in the Premier League as a whole, the wages-to-turnover ratio was 61 per cent,” he said. “In 2006-07, it had only increased to 63 per cent. The arrival of Abramovich has had a limited effect on the proportions spent on wages.”

Byars argues that far from making the league uncompetitive, as was feared when Abramovich took charge, the Chelsea owner has forced England’s leading clubs to lift their game, as has been shown by impressive recent showings in the Champions League. Even millionaires may raise their eyebrows at the cost of a seat at Stamford Bridge, but last season the average league crowd was 41,397, more than 98 per cent of capacity.

“Most fans think Roman Abramovich is the saviour of the club, most are very grateful, but the club has lost a bit of its soul and we’ve become really disliked,” Trizia Fiorellino, of the Chelsea Supporters Group, said. “Success brings that, but it’s also the Abramovich effect. But if you’d asked us ten years ago whether we’d have put up with that to achieve success, of course we would.

“We were getting better year on year, but we did need something to take us that extra mile. Chelsea do seem to have become a brand, it makes me sick, but is that the way football was going anyway?”

One trend is certain: in June 2003, Fulham were the only top-flight club in foreign hands. Now there are nine. Chelsea may not yet have achieved global domination, but Abramovich’s arrival encouraged the world to come to England.

Roman’s reign

2003-04 Roman Abramovich buys Chelsea from Ken Bates for £140 million in July 2003. By the end of August, Chelsea’s summer transfer spending reaches almost £150 million. Sven-Göran Eriksson is photographed at Abramovich’s London house. In May 2004, Chelsea finish second in the league, having lost in the semi-finals of the Champions League to AS Monaco.

2004-05 In June 2004, José Mourinho is appointed manager to replace the sacked Claudio Ranieri. In February, Chelsea secure the first trophy under Abramovich, the Carling Cup. They win the league with a record points total, but lose to Liverpool in the semi-finals of the Champions League.

2005-06 Chelsea pay compensation to Tottenham Hotspur after a “tapping-up” row over Frank Arnesen, the North London club’s sporting director. Shaun Wright-Phillips and Michael Essien are signed for a combined £45 million. Chelsea lose to Barcelona in the last 16 of the Champions League but win the domestic title. Abramovich sells his stake in Sibneft, the oil company.

2006-07 The club sign Michael Ballack on a free transfer and Andriy Shevchenko for about £30 million. There are “tapping-up” allegations as Ashley Cole joins from Arsenal. Chelsea announce record losses of £140 million for the previous season. They beat Manchester United in the FA Cup Final, but United win the league.

2007-08 A quiet summer of transfer activity, although Nicolas Anelka is signed in January 2008. Mourinho had been sacked in September and replaced by the little-known Avram Grant. Chelsea are knocked out of the FA Cup by Barnsley and finish as runners-up in the league, the Carling Cup and the Champions League. Grant is sacked and replaced by Luiz Felipe Scolari.