Chelsea battle to keep Hasselbaink

Chelsea will have to cut their massive wage bill to keep Jimmy Floyd Hasselbaink.

Astonishingly, Chelsea have seven players on their books who earn up to £2million a year, five of which hardly ever play for the first team, including Winston Bogarde, Mario Stanic and goalkeeper Mark Bosnich.

Speculation continues to rage that Hasselbaink is available for £20m because Chelsea need to reduce the £97m debts of their parent company Chelsea Village plc.

Reports this morning claim that a summit meeting was held at Claudio Ranieri's Italian home earlier this week where he was told his star striker would be sold if the club received a suitable offer. Barcelona are the club believed to be interested although in the current transfer climate it is doubtful that a £20m fee would be paid.

The Stamford Bridge club are adamant the Dutchman will be staying, although they need to off-load some of their high earners to balance the books.

Ranieri recently claimed in the Spanish press that his efforts to buy the Cameroon international Geremi from Real Madrid for £8m floundered because Chelsea did not have the money.

As a cash crisis grips football, Chelsea, like most clubs, have been fairly inactive in the transfer market. They raised £1.5m from the sale of Sam Dalla Bona to AC Milan, but are yet to bring any players in. Last season they spent £30m in the close season on Frank Lampard, Emmanuel Petit, Boudewijn Zenden and William Gallas.

Arsenal have made only one signing, Pascal Cygan for £2.1m, Manchester United, who broke the British transfer record twice last year spending £47m on Ruud van Nistlerooy and Juan Sebastian Veron, have only renewed the contract of Laurent Blanc, while Spurs are another club desperate to off-load high earners like £2m-a-year Sergei Rebrov before they can buy.