By Sulaimon Jamiu
Russian billionaire, Roman Abramovich has confirmed he has put Chelsea up for sale and has written off the £1.5 billion of loans he has made to the club.
Abramovich, 55, said in a statement on Wednesday that net proceeds from the sale of the Premier League club would be donated to a charitable foundation which would be “for the benefit of all victims of the war in Ukraine”.
The Russian billionaire added he would not be asking for the money he has loaned Chelsea since buying the club in 2003 to be repaid. Annual accounts for Fordstam Ltd, Chelsea’s parent company, showed in January that Abramovich loaned the club £19.9 million last season, to take the total related-party loans to £1.514 billion.
He has owned Chelsea, the reigning European and world champions, since 2003. During that time the club has won 19 major trophies, including five league titles.
It is understood that Abramovich had already begun preparing for the sale, with a consortium of billionaires this week making their interest in buying the Premier League club public.
The billionaire Hansjorg Wyss on Wednesday told Swiss newspaper Blick that Abramovich “wants to get rid of Chelsea quickly” after the threat of sanctions was raised in the UK parliament.
Abramovich had earlier given the “stewardship and care” of Chelsea to its foundation trustees on Saturday following Russia’s invasion of Ukraine.
That decision came after a call in parliament for him to face sanctions following the invasion of Ukraine, with Chris Bryant, a Labour MP, telling politicians on Thursday that he had obtained documents from 2019 which link Abramovich to illicit finance and “malign activity”.
Bryant added that Abramovich should be “no longer able to own a football club in this country”.
The Labour leader Keir Starmer meanwhile questioned why Abramovich has not faced UK sanctions over the Russian invasion of Ukraine at prime minister’s questions on Wednesday, saying: “Last week the prime minister said that Abramovich was facing sanctions. He later corrected the record to say that he isn’t. Well, why on earth isn’t he?”
Abramovich has always vehemently denied being close to the Kremlin or having done anything which could merit him being punished.
The billionaire confirmed his desire to sell the Premier League club in a statement published on Chelsea’s website, which read: “I would like to address the speculation in (the) 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 isin 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.”
