Chelsea’s Russian boss Roman Abramovich said on Wednesday he had made the “incredibly difficult” decision to sell the Premier League club, pledging that proceeds would go to victims of the war in Ukraine.
The billionaire believes it is in the “best interest” of Champions League holders to split from the club he bought in 2003.
The dramatic development comes as Abramovich said he was handing over control to the trustees of Chelsea’s charitable foundation following Russia’s invasion of Ukraine.
“I have always made decisions with the interests of the club in mind,” Abramovich said in a statement.
“In the current situation, I have made the decision to sell the club because I believe it is in the best interest of the club, fans, employees, as well as the club’s sponsors and partners.”
It is a seismic moment for English football after nearly two decades during which Abramovich’s team has relentlessly challenged for the sport’s top honours.
Chelsea have won 19 major trophies in the Abramovich era, including their first two Champions League titles and five Premier League titles.
But the 55-year rule would end as a result of Russia’s invasion of its neighboring country.
Abramovich, who is accused of having close ties to Russian President Vladimir Putin, is not named on the growing British sanctions list targeting Russian banks, businesses and the pro-Kremlin tycoon.
The Chelsea owner’s concern about a possible confiscation of assets is understood to have led to his move to off-load the Blues.
Swiss billionaire Hansjörg Wyss and American investor Todd Boehli, co-owner of the Los Angeles Dodgers baseball team, are reported to be two parties that are now preparing a joint bid for the Premier League giants.
Vice, 86, told Swiss newspaper Blick that he was offered the opportunity to buy the London club because Abramovich wanted to “get rid of Chelsea quickly” before possible political sanctions.
It is believed Abramovich’s demand for Chelsea would cost around £3bn ($4bn), with the US bank Raine Group being asked to handle the sale.
lifetime privilege
Chelsea’s debt to Abramovich currently stands at around £1.5bn, but he will not ask to repay the loan, while it is also said he is ready to sell his London property portfolio.
Abramovich, who made a rare appearance to help Chelsea win the Club World Cup in Abu Dhabi last month, has pledged to donate any net proceeds from the sale to help victims of the war in Ukraine.
“The sales of the club will not pick up, but it will follow due process,” he said.
“I will not ask to repay any loan. It was never about business or money for me, but pure passion for the sport and the club.
“Also, I have instructed my team to set up a charitable foundation, where all the 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 vital funds for the immediate and immediate needs of the victims, as well as supporting the long-term work of recovery.”
Abramovich paid £140 million to buy Chelsea, and the clever appointment of Jose Mourinho as manager helped break Manchester United and Arsenal’s hold on the Premier League.
He announced the sale to championship side Luton less than an hour before Chelsea’s FA Cup, which the Blues won 3–2.
Chelsea boss Thomas Tuchel said his team had managed to “cancele the noise”.
“I think he (Abramovic) makes every decision right, it’s his choice, his club, it’s not up to me to comment,” he told the BBC.
“In a very short period of time for us as a team, staff and players, hopefully not too much, maybe even nothing will change, but the situation is out now and there is a big situation so I can understand a lot of reports “
Abramovich said he hopes to make one more visit to Stamford Bridge to say goodbye before his reign is curtailed.
“Please know that it was an incredibly difficult decision, and it pains me to part with a club like this,” he said.
He continued: “It has been a lifetime privilege to be part of Chelsea FC and I am proud of all my combined achievements. Chelsea Football Club and its supporters will always be in my heart.”
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