Football News: Chelsea’s Russian owner, Roman Abramovich, announced on Wednesday that he had made the “very tough” choice to sell the Premier League team, promising that the revenues will be donated to victims of Ukraine’s war. The billionaire believes that parting ways with the club he has altered since buying it in 2003 is in the “best interests” of the Champions League holders. Following Russia’s invasion of Ukraine, Abramovich announced that he was handing over management of Chelsea to trustees of the club’s charity foundation.
In a statement, Abramovich stated, “I have always made decisions with the club’s best interests in 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.”
After nearly two decades of Abramovich’s squad continuously challenging for the sport’s top honours, this is a watershed moment for English football.
In the Abramovich era, Chelsea has won 19 major trophies, including their first two Champions League wins and five Premier League victories.
However, as a result of Russia’s invasion of its neighbour, the 55-year-reign old’s will come to an end.
Roman Abramovich, who is said to have close ties to Russian President Vladimir Putin, is not on a growing list of British sanctions targeting Russian banks, corporations, and pro-Kremlin tycoons.
However, the Chelsea owner’s fear of asset seizure is thought to have prompted his decision to sell the club.
Two of the parties reportedly preparing a joint proposal for the Premier League heavyweights are Swiss billionaire Hansjorg Wyss and US investor Todd Boehly, a co-owner of the Los Angeles Dodgers baseball franchise.
Wyss, 86, told the Swiss tabloid Blick that he was offered the option to acquire Chelsea because Abramovich wanted to “get rid of Chelsea swiftly” to avoid political repercussions.
Abramovich is expected to ask roughly GBP 3 billion ($4 billion) for Chelsea, with American bank the Raine Group reportedly being requested to oversee the transaction.
Chelsea owes Abramovich roughly GBP 1.5 billion, although he has stated that he will not ask for the loans to be repaid and that he plans to sell his London property estate.
Abramovich, who made a rare appearance in Abu Dhabi last month to witness Chelsea win the Club World Cup, has committed to donating any net revenues from the sale to victims of Ukraine’s war.
“The sale of the club will not be rushed, but will be done in accordance with the law,” he stated.
“I’m not going to ask for any loans to be repaid.” For me, it’s never been about the money or the business; it’s always been about my love for the game and the 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.”
Chelsea was purchased for GBP140 million by Abramovich, and Jose Mourinho’s astute selection as manager helped to break 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 Luton Town in the Championship, which the Blues won 3-2.
Chelsea manager Thomas Tuchel claimed his team had “cancelled out the noise.”
“I believe he (Abramovich) makes the best decisions; it is his choice, his club, and it is not for me to comment,” he told the BBC.
For football team, football news updates, football match, football championship, live football news and other football news follow livematchupdatesnews.com.
