Roman Abramovich, the Russian owner of Chelsea FC, to sell club amid Ukraine invasion

Roman Abramovich, the owner of Chelsea, has stated that he intends to sell the club.

Roman Abramovich said in a statement on the Premier League club’s website that he had made an “incredibly difficult decision”; a decision that “pains” him.

The Russian oligarch has stated that the revenues of the auction will be distributed to war victims. He will not seek for “any loans to be repaid.”

Following Russia’s invasion of Ukraine, Abramovich declared on Saturday that he would hand over the “stewardship and care” of Chelsea to its foundation trustees.

This fueled speculation that Abramovich, who has lent Chelsea more than £1.5 billion, will sell the club. Billionaire Hansjorg Wyss told Swiss tabloid Blick on Wednesday that he received an offer to buy the club.

After Parliament raised the issue of fines, Wyss indicated Abramovich wants “to get rid of Chelsea quickly.”

“Best interest of the club”

55-year-old Abramovich also encounters accusations of having close ties to Russian President Vladimir Putin, which he denies.

“All net proceeds from the sale,” he stated, would be donated to “victims of the war in Ukraine”.

According to BBC Sport, Abramovich has already received proposals for Chelsea. He believes the club is worth up to £3 billion.

In his statement, Abramovich said: “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.

“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.

“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.”

The trustees of Chelsea’s charitable foundation had not yet accepted to acquire control of the club. They will no longer be requested to do so, according to BBC Sport. Abramovich faced criticism for failing to mention Russia’s invasion of Ukraine in his Saturday statement. Chelsea’s players didn’t know about their owner’s new statement until less than an hour before the team’s FA Cup fifth-round clash against Luton Town.

The Premier League squad came back from a 2-0 deficit to win 3-2 and go to the quarter-finals.

Revolutionary

Abramovich purchased Chelsea for £140 million in 2003. He stated in a declaration that it was “never been about business nor money, but about pure passion for the game and club”.

Chelsea has become revolutionized since his ownership of the club. He has set the standard for how much capital requirement is there to compete at the top level of the Premier League.

Abramovich has loaned the club more than £1.5 billion in all, which has enabled the team to achieve enormous success.

The team has won every major trophy available under his ownership. It includes the Champions League twice, the Premier League and FA Cup five times, the Europa League twice, and the League Cup three times.

They won the Uefa Super Cup in August 2021 and the Club World Cup in February 2022.

Chelsea’s women’s squad has excelled under Abramovich’s ownership. Thereby, winning the Women’s Super League four times, the Women’s FA Cup three times, and reaching the Champions League final last season.

One of the most significant, controversial and powerful characters

After receiving a leaked 2019 UK government document that claimed Abramovich was of interest owing to his “links to the Russian state and his public association with corrupt activity and practices”; British Member of Parliament Chris Bryant called for Abramovich to lose ownership of Chelsea.

He went on to say, “Surely, Mr. Abramovich should no longer be able to own a football club in this country?”

According to the sanctions list website, Abramovich has also not yet received sanctions from the United Kingdom.

The billionaire likewise insists that he is not a Russian official politician.

In Tuesday’s State of the Union speech, US President Joe Biden said: “Tonight, I say to the Russian oligarchs and the corrupt leaders who built billions of dollars off this violent regime, no more.

“The United States Department of Justice is assembling a dedicated task force to go after the crimes of the Russian oligarchs. We’re joining with European allies to find and seize their yachts, their luxury apartments, their private jets. We’re coming for you, ill-begotten gains.”

Roman Abramovich leaves as one of the most significant, controversial, and powerful characters in English football history; he always said he was passionate about the club and had its best interests at heart.

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