Roman Abramovich confirms he has put Chelsea up for sale and is writing off the £1.5bn loans he made to the club, while promising proceeds will go to victims of the war in Ukraine.
The announcement came this evening after the New York Times reported Russian magnate Abramovich was asking for circa £3bn to sell the reigning Champions League holders.
This does raise questions about how selling the club affects the freeze on Russian assets and sanctions on Russian oligarchs.
There were already reports today that Swiss businessman Hansjorg Wyss had united with LA Dodgers part-owner Todd Boehly to offer circa £2bn.
Abramovich insists he is not going to ask for the repayment of loans he made to Chelsea totalling circa £1.5bn, which in itself also has possible Financial Fair Play implications.
He took over the club in 2003 and has now won every trophy available, including the Champions League, European Supercup and Club World Cup, with Italy international Jorginho in the squad.
“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,” read a statement on the Chelsea website.
“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 is in 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.”
Statement from Roman Abramovich.
— Chelsea FC (@ChelseaFC) March 2, 2022
Sad day in football world. Serie A was a great training ground for Chelsea FC. Without them Italian clubs will struggle selling their top talent for profits.
3bn for a football club…