Russian billionaire Roman Abramovich announced Wednesday his intention to sell the Chelsea Football Club, as questions around the 55 year old’s ties to Russian President Vladimir Putin continue to arise.
“I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC,” Abramovich said in a statement. “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,” he continued. “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.”
Abramovich added that all proceeds from the sale will go to a charity set up for the “benefit of all victims of the war in Ukraine.”
“The foundation will be for the benefit of all victims of the war in Ukraine,” Abramovich said. “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,” he added. “However, I do believe this is in the best interest of the Club.”
Abramovich purchased Chelsea FC in 2003 for around $185 million, and is now seeking roughly $2.24 billion in the sale, according to ESPN. During Abramovich’s time as owner, Chelsea won two UEFA Champions League trophies — including the 2020-2021 title — and five Premier League titles.
Over the weekend, Abramovich gave over “stewardship” of the team to Chelsea’s charitable foundation in an attempt to avoid selling the club.
Following last week’s invasion of Ukraine by Russia, the government of the United Kingdom could sanction Abramovich, seizing Chelsea as an asset. Chris Bryant, a member of British Parliament, called on Abramovich to be stripped of his ownership stake after leaked 2019 documents showed ties to Russian corruption.
“Surely, Mr. Abramovich should no longer be able to own a football club in this country?” Bryant said according to CNN.
According to Bloomberg, the U.K. government has sanctioned “more than 100 Russian individuals and entities in response to the invasion of Ukraine,” but Abramovich is not on the list.
The Russian billionaire is worth a reported $13.5 billion, and “amassed his wealth from dividends and sales of privatized assets acquired from the former Soviet Union,” per Bloomberg.
Joe Morgan is the Sports Reporter for The Daily Wire. Most recently, Morgan covered the Clippers, Lakers, and the NBA for Sporting News. Send your sports questions to [email protected].