Russian Oligarch Roman Abramovich on Wednesday sought to sell Chelsea Football Club as the British government proposed sanctions targeting wealthy Russians following the Russian invasion of Ukraine.
“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 in a 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,” the almost 20 years-owner of the football club said.
Abramovich’s decision is probably to dissociate the club from possible British sanctions. The UK has imposed sanctions, including an asset freeze and travel bans, on Russian billionaires to pressure President Vladimir Putin.
British prime minister Boris Johnson is also introducing new laws to ban Russian companies from raising funds in London’s financial market.
“Roman Abramovich, well, I think he’s terrified of being sanctioned which is why he is already going to sell his home tomorrow and sell another flat as well,” said Labour MP Chris Bryant in Parliament on Tuesday. Bryant has pushed for sanctions against Abramovich for his links to the Russian State. “My anxiety is that we’re taking too long about these things.”
Abramovich said all the net proceeds from the sale of the five-time premier league champions would be donated “for the benefit of all victims of the war in Ukraine.”
He also announced that he would not ask for any loans he extended to the club to be repaid. According to the latest annual account of Fordstam Ltd., Chelsea’s parent company, the club has received £1.5 billion ($2 billion) in loans from its owner.
Forbes valued the club at $3.2 billion as of April 2021.
Chelsea Fans were sympathetic to Abramovich. They sang Abramovich’s name at the FA Cup on Wednesday, according to Sky Sports.
“Irrespective of whether you like the idea of Russian money coming into English football or not, Roman Abramovich has been a very good owner for Chelsea Football Club,” said English football pundit Gary Neville in an interview with Sky Sports.
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