Faced with the threat of financial sanctions against the Russians, Chelsea owner Roman Abramovich confirmed on Wednesday that he is seeking to sell the Premier League club he turned into an elite trophy-winning machine with his significant investment. .
The club, the tycoon’s main asset, made Abramovich a high-profile target for politicians who demanded that he be included in the list of Russian oligarchs affected by British sanctions a week after the start of the Russian invasion of Ukraine. .
“Know that this has been an incredibly difficult decision to make and it pains me to part with the club in this way,” Abramovich said in a statement. “However, I think this is what is best for the club.”
It is one of the most surprising business repercussions of President Vladimir Putin’s decision to invade neighboring Russia.
A potential buyer had already gone public to reveal that Abramovich was trying to sell for at least $2.5 billion. Swiss billionaire Hansjorg Wyss said he “received an offer on Tuesday to buy Chelsea from Abramovich” along with three other people.
However, Abramovich insisted that “the sale of the club will not be accelerated but will follow due process.”
The billionaire oligarch has said he will not ask to be paid back 1.5 billion pounds ($2 billion) in loans he has given the club over 19 years of injecting cash to make the team one of Europe’s most successful. The showcase of important trophies was completed last month when Chelsea won the Club World Cup.
“I have instructed my team to establish a charitable foundation where all net proceeds from the sale will be donated,” he said. “The foundation will be for the benefit of all the victims of the war in Ukraine.”
Abramovich has faced calls to condemn Russia’s attack on Ukraine, which he has so far failed to do.
Labor Party lawmaker Chris Bryant had used parliamentary privilege to claim in the House of Commons that Abramovich was already looking to sell property in London, speculating that “he is terrified of being sanctioned”.
Abramovich has not commented on any attempts to seize his assets.
The speed of Abramovich’s pending departure from Chelsea is surprising, as he was recently trying to instigate a plan to relinquish some control in order to keep the club under his ownership, announcing plans to change the “management and care” of the club. to its foundation. trustees.
“I look forward to visiting Stamford Bridge one last time to say goodbye to all of you in person,” Abramovich said. “It has been the privilege of my life to be part of Chelsea FC and I am proud of all of our joint achievements. Chelsea Football Club and its fans will always be in my heart.”
Chelsea had won the league title just once, in 1955, when Abramovich bought the club in 2003. With the help of several expensive signings, the club won the Premier League title two years later and has added four more since then. the most recent in 2017.
The haul of 18 trophies in 19 years also includes two Champions League titles and the Club World Cup success he was in Abu Dhabi to witness last month.
Abramovich rarely speaks in public, but he did give an interview to Forbes in 2021, in part explaining his 2003 purchase of Chelsea for £140m, including £75m of debt.
“In hindsight, especially with the public profile it would bring me, I might have thought differently about owning a club,” Abramovich told Forbes. “But, at the time, I just saw this amazing game and I wanted to be a part of it one way or another.”
His last public visit to a match at Stamford Bridge was last year after also hosting Israeli President Isaac Herzog at the stadium in November.
Abramovich has not had a British visa since 2018, when a renewal application took longer than usual to process and was withdrawn. That came at a time when Britain has pledged to review long-term visas for wealthy Russians following the poisonings of former Russian spy Sergei Skripal and his daughter in the English city of Salisbury. Britain blamed Russia for the couple’s exposure to a nerve agent, a charge Moscow denies.
In 2012, a London High Court judge highlighted Abramovich’s connections to Putin in a ruling related to a legal battle. Judge Elizabeth Gloster said Abramovich had “very good relations” and “privileged access” to Putin, though she added that he could not “pull the presidential strings.”
Abramovich has denied taking orders from Putin.