His comments came after UEFA last week approved president Michel Platini's "financial fair play" plan aimed at curbing the influence of rich owners who pour huge financial resources into their clubs. Platini wants clubs to live within their means.
"Just because you have a lot of money, it doesn't mean you are a bad investor in football," Kenyon, who will leave his post on October 31 but will continue to serve as a non-executive director, told a soccer industry conference in Zurich.
"Roman Abramovich has put money in and he's committed for the long term for the right reasons," he said. "Roman Abramovich's investment has been fantastic for Chelsea.
"Football does need these investors."
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Chelsea, who reported losses of 65.7 million pounds up to June last year, are members of the European Club Association (ECA) which approved Platini's plan before it went to UEFA's executive committee.
Kenyon said the club's finances were sound.
"We've got no external debt," he said. "We've got secured ownership with secured financing."
Kenyon added that transfer speculation and spending, criticised by many as excessive, had become part of the sport.
"You shouldn't underestimate the frenzy that comes around during the summer. It's part of the pre-season," he said.
Kenyon said Chelsea, who won the league in 2005 and 2006, had broken the Arsenal-Manchester United domination of the Premier League during his six years at the club.
"We broke the cartel and we became a respected domestic club and a respected European club," he said.
"We have grown the business, we have doubled the turnover, we have increased our sponsorship revenues, we sell out every game and we have got a squad as soon as anyone."
Kenyon added the sport had survived the economic downturn – as made plain by extravagant spending from the likes of Manchester City and Real Madrid.
"We haven't seen that collapse that everyone was talking about," he said. "But it has accelerated the discussions about financial stability in football.
"Very, very few clubs disappear. They may go into administration and they may undergo a change in ownership but very, very few clubs disappear completely.
"People want an escape and are prepared to spend part of their disposable income to watch 90 minutes of football."
