Roman Abramovich confirms he will sell Chelsea

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FILE - Chelsea Football Club owner Roman Abramovich attends the UEFA Women's Champions League final soccer match in Gothenburg, Sweden on Sunday, May 16, 2021. Abramovich, former governor of the Russian province and ally of Vladimir Putin turned steel and metals magnate, is now a dual Israeli citizen with an estimated net worth of over $13 billion.  He used his fortune to buy British football club Chelsea and homes in London and New York.  (AP Photo/Martin Meissner, File)

FILE – Chelsea Football Club owner Roman Abramovich attends the UEFA Women’s Champions League final soccer match in Gothenburg, Sweden on Sunday, May 16, 2021. Abramovich, former governor of the Russian province and ally of Vladimir Putin turned steel and metals magnate, is now a dual Israeli citizen with an estimated net worth of over $13 billion. He used his fortune to buy British football club Chelsea and homes in London and New York. (AP Photo/Martin Meissner, File)

PA

With the threat of financial penalties looming, Chelsea’s Russian owner Roman Abramovich confirmed on Wednesday that he was trying to sell the Premier League club he had turned into an elite trophy-winning machine with his investment sumptuous.

The speed of Abramovich’s impending exit from Chelsea is striking as he attempted to put in place a plan last weekend to relinquish some control in order to keep the club under his ownership.

But as Russia’s war on Ukraine entered its seventh day, pressure mounted on the British government to include him among the wealthy Russians targeted by sanctions.

“In the current situation, I have therefore taken the decision to sell the club, as I believe it is in the best interest of the club, the supporters, the employees, as well as the sponsors and partners of the club,” said Abramovich in a statement. declaration.

Abramovich has said he will not ask to be repaid 1.5 billion pounds ($2 billion) in loans he gave the club over 19 years of cash injections to make the team the one of the most efficient in Europe. The Blues won the Club World Cup for the first time last month – ahead of Abramovich in Abu Dhabi – after claiming a second Champions League title last year.

“I have asked my team to create a charitable foundation where all net proceeds from the sale will be donated,” he said. “The foundation will benefit all victims of the war in Ukraine.”

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