Chelsea’s Russian owner, Roman Abramovich, said on Wednesday that he had taken the “extremely tough” choice to sell the Premier League team, promising that the money will benefit victims of Ukraine’s conflict.
The billionaire feels that parting ways with the club he has altered since purchasing it in 2003 is in the “best interests” of the Champions League champions.
The unexpected event comes only days after Abramovich announced that he will give up ownership of Chelsea to trustees of the club’s charity foundation in the aftermath of Russia’s invasion of Ukraine.
“I have always made choices with the best interests of the club in mind,” Abramovich stated in a statement.
“In the present scenario, I have decided to sell the club because I feel it is in the best interests of the club, the fans, the staff, and the club’s sponsors and partners.”
It is a watershed moment in English football after almost two decades of stagnation.
Abramovich’s club has been a constant contender for the sport’s highest honors.
In the Abramovich era, Chelsea has won 19 major trophies, including their first two Champions League wins and five Premier League victories.
However, the 55-year-rule old’s will come to an end as a result of Russia’s invasion of its neighbor.
Abramovich, who is said to have strong ties to Russian President Vladimir Putin, is not on a growing British sanctions list targeting Russian banks, firms, and pro-Kremlin tycoons.
However, the Chelsea owner’s fear of asset seizure is said to have prompted his decision to sell the Blues.
Two of the persons contemplating a combined offer for the Premier League giants are rumored to be Swiss billionaire Hansjorg Wyss and US businessman Todd Boehly, a co-owner of the Los Angeles Dodgers sports franchise.
Wyss, 86, told the Swiss tabloid Blick that he was approached about buying Chelsea because Abramovich wanted to “get rid of Chelsea soon” before prospective political repercussions took effect.
Abramovich’s asking price for Chelsea is expected to be approximately £3 billion ($4 billion), with American bank the Raine Group being requested to oversee the transaction.
Chelsea owes Abramovich roughly £1.5 billion, but he will not seek for the debts to be returned, and he is also said to be planning to sell his London property estate.
Abramovich, who made a rare visit in Abu Dhabi last month to witness Chelsea win the Club World Cup, has committed to donate any net revenues from the sale to Ukrainian conflict victims.
“The sale of the club will not be rushed, but will take its time,” he stated.
“I will not be requesting the repayment of any debts. For me, it has never been about business or money, but about sheer love for the game and the club.
“Furthermore, I have directed my staff to establish a philanthropic foundation to which all net earnings from the sale will be given.
“The charity will aid all victims of Ukraine’s civil conflict. This involves giving crucial cash for victims’ urgent and immediate needs, as well as helping long-term healing efforts.”
Chelsea was purchased for £140 million by Abramovich, and the savvy hiring of Jose Mourinho as manager aided in breaking Manchester United and Arsenal’s stronghold on the Premier League.
He made the announcement less than an hour before Chelsea’s FA Cup fifth-round clash against Championship side Luton Town.
Chelsea manager Thomas Tuchel told the BBC before the game: “There are certain factors surrounding the club and inside the club that we cannot affect, therefore we were very busy preparing this game.”
Abramovich has said that he wishes to return to Stamford Bridge one more time before his 19-year rule comes to an end.
“Please understand that this has been a very tough choice to make, and it hurts me to part ways with the club in this manner,” he stated.
He continued, saying: “Being a member of Chelsea FC has been a once-in-a-lifetime opportunity, and I am proud of all we have accomplished together. Chelsea Football Club and its fans will always have a special place in my heart.”
