Chelsea FC Owner Roman Abramovich has now confirmed the media speculation currently surrounding him. Yes, indeed the club is now up for sale. Abramovich, under scrutiny due to his close ties to Vladimir Putin, and amidst the backdrop of Russia’s having invaded Ukraine, will divest himself of one of his most prized assets.
Abramovich reportedly values the club at about £3bn and is looking for a quick sale, which would obviously be a much better scenario than having it seized as part of economic sanctions against Russian oligarchs who helped to enable Putin.
In a statement on the club website, the world’s wealthiest man with Israeli citizenship said: “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”
“I believe this is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners.”
He then alleviated fears that he might call in the 1.5B GBP loan due him to be repaid. There are worries that he could do so, and then thus bankrupt the club.
“I will not be asking for any loans to be repaid,” Abramovich continued.
“This has never been about business nor money for me, but about pure passion for the game and Club.”
He also made it known that he will not retain any of the proceeds from the sale of the club, and will instead donate the money to the victims of the current war in Ukraine.
“Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated,” the exceedingly wealthy Russian oligarch continued.
“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.”
Under Abramovich, Chelsea FC went from a mediocre also-ran of a club to a giant juggernaut that won trophies both at will and en masse.
Paul M. Banks is the owner/manager of The Bank (TheSportsBank.Net) and author of “Transatlantic Passage: How the English Premier League Redefined Soccer in America,” as well as “No, I Can’t Get You Free Tickets: Lessons Learned From a Life in the Sports Media Industry.”
He has regularly appeared in WGN, Sports Illustrated and the Chicago Tribune, and co-hosts the After Extra Time podcast. Follow him on Twitter and Instagram.