Russian-Israeli billionaire Roman Abramovich has announced his intention to sell Chelsea Football Club, with profits from the sale donated to a foundation to benefit victims of the war in Ukraine.
Days after Russia’s invasion of Ukraine, Abramovich announced his intention in a statement on the team’s website.
He said that selling the team, which he has owned since 2003, is “in the best interest of the club, the fans, the employees, as well as the club’s sponsors and partners” and that he was doing because of “the current situation.”
Abramovich gave "stewardship" of Chelsea to the trustees of the team foundation after Russia invaded Ukraine, BBC News reported.
He said that the sale of the team “will not be fast-tracked but will follow due process.”
“This has never been about business nor money for me, but about pure passion for the game and club,” Abramovich said. “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.”
He called the decision to sell the team “incredibly difficult” and noted that it “pain[ed] him to part with the club in this manner.”
“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,” Abramovich said.
Swiss newspaper Blick reported on Wednesday that Swiss billionaire Hansjorg Wyss may purchase the West London soccer team.
Abramovich reportedly decided to quickly sell the team after a parliamentary discussion about placing sanctions on him. The 55-year old has long been rumored to have close links to Russian President Vladimiar Putin. However, he has always denied that is the case.
Sanctions have already been applied by the EU to other Russian billionaires, who have had their assets frozen. On Tuesday, during a parliamentary discussion, Labour MP Chris Bryant accused Abramovich of being worried about sanctions, saying he was "terrified of being sanctioned which is why he is going to sell his home tomorrow [Wednesday], and another flat as well.”
On Wednesday, Labour MPs also pressed Prime Minister Boris Johnson on why Abramovich was not being subjected to sanctions.
Johnson replied that it was ”not appropriate to comment on any individual cases at this stage.”