Russian Oligarch puts Chelsea on the block

Russian businessman Roman Abramovich announced on Wednesday that the English soccer club Chelsea, which he has owned since 2003, is for sale.

In a club statement, the 55-year-old millionaire shared his “decision to sell the club”, alluding to “the current situation”.

Abramovich specified that he will not request the reimbursement of the loans he granted to the London club, estimated at 1,500 million pounds (1,800 million euros, 2,000 million dollars) and that the “net proceeds” of the sale will be destined to “a charitable foundation for the benefit of all the victims of the war in Ukraine.”

Unlike other Russian oligarchs, Abramovich has so far not been subject to financial sanctions by the European Union or British authorities, but pressure has increased sharply since the start of the Russian invasion of Ukraine.

This Wednesday, the press information about a possible sale was gaining weight when Hansjorg Wyss, one of the richest men in Switzerland, told the Blick newspaper that he had been proposed to buy Chelsea.

“The sale of the club will not be done in a rush and will follow its normal course,” Abramovich said about the club he bought in 2003 for 140 million pounds (168 million euros, 187 million dollars) and in which he has made great investments ever since.

During Abramovich’s time, the ‘Blues’ have lived their golden age, with 5 English league titles, 5 England Cups, 3 English League Cups, 2 Champions Leagues, 2 Europa Leagues, and, recently, his first title in the Club World Cup.

“It has been an incredibly difficult decision to make and I am sad to leave the club in this way. However, I truly believe that it is for the benefit of the club”, he underlined.

“I hope I can visit Stamford Bridge (Chelsea’s stadium) one last time to say goodbye to everyone in person. It has been a unique privilege to be part of Chelsea FC and I am proud of all of our successes,” he concluded.