Russia Ukraine conflict forces Roman Abramovich to sell Chelsea football club

Russian businessman Roman Abramovich has decided to sell Chelsea as revealed by his official statement shared by the Chelsea Twitter handle on Wednesday. “I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC. As I have stated before, I have always taken decisions with the Club’s best interest at heart. In the current situation, I have therefore taken the decision to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners,” Abramovich said.

Abramovich said he will not be asking to be repaid 1.5 billion pounds ($2 billion) in loans he has granted the club during 19 years of injecting cash to elevate the team into one of the most successful in Europe. The Blues won the Club World Cup for the first time last month — in front of Abramovich in Abu Dhabi — after securing a second Champions League title last year.“The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club. Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery,” he said in the statement. “Please know that this has been an incredibly difficult decision to make, and it pains me to part with the Club in this manner. However, I do believe this is in the best interest of the Club.”“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea Football Club and its supporters will always be in my heart,” he concluded.

Chelsea have won 19 major trophies in the Abramovich era, including their first two Champions League crowns and five Premier League titles. Abramovich, alleged to have close links to Russian President Vladimir Putin, has not been named on a growing British sanctions list targeting Russian banks, businesses and pro-Kremlin tycoons. Swiss billionaire Hansjorg Wyss and US investor Todd Boehly, a co-owner of the Los Angeles Dodgers baseball team, are reported to be two of the parties now preparing a joint bid for the Premier League giants. Wyss, 86, told Swiss newspaper Blick he had been offered the chance to buy the London club because Abramovich wanted "to get rid of Chelsea quickly" before potential political sanctions.It is believed Abramovich's asking price for Chelsea will be around GBP 3 billion ($4 billion), with American bank the Raine Group reported to have been asked to handle the sale.

Statement from Roman Abramovich.

— Chelsea FC (@ChelseaFC) March 2, 2022