LONDON: Roman Abramovich, the Russian owner of Chelsea FC, has confirmed he is selling the Premier League club, with all net proceeds from the sale to be donated to victims of the ongoing war in Ukraine.
The billionaire declared he was making the “incredibly difficult decision” in the “best interest” of the club he has transformed into a football powerhouse (albeit loss making) since he bought it in 2003.
The dramatic development comes days after Abramovich said he was handing over control of Chelsea to trustees of its charitable foundation following Russia’s invasion of Ukraine.
Chelsea have won 19 major trophies in the Abramovich era, including their first two Champions League crowns and five Premier League titles.
Swiss billionaire Hansjorg Wyss and US investor Todd Boehly, a co-owner of the Los Angeles Dodgers baseball team, are reported to be two of the parties now preparing a joint bid for the Premier League giants, AFP reports.
Abramovich’s asking price for Chelsea is reported to be around £3 billion ($4bn), with American bank the Raine Group reported to have been asked to handle the sale.
AFP further reports that Chelsea’s debt to Abramovich currently stands at around £1.5bn but he will not ask for loans to be repaid, while he is also said to be set to sell his London property portfolio.
Abramovich statement in full:
“I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC. As 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, 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. This has never been about business nor money for me, but about pure passion for the game and Club.
“Moreover, 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. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the Club in this manner. However, I do believe this is in the best interest of the Club.
“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea Football Club and its supporters will always be in my heart.”
