LONDON — Faced with the threat of financial sanctions targeting Russians, Chelsea owner Roman Abramovich confirmed Wednesday he is trying to sell the Premier League club he turned into an elite trophy-winning machine with his lavish investment.
Abramovich’s trophy asset made him a high-profile target for politicians demanding he be included among wealthy and influential Russians hit with British sanctions after a week of Russia’s war on Ukraine.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner,” Abramovich said in a statement. “However, I do believe this is in the best interest of the club.”
It is one of the most stunning business repercussions of President Vladimir Putin’s decision to invade Russia’s neighbor.
“The sale of the club will not be fast-tracked but will follow due process,” Abramovich’s statement added.
The Russian billionaire said he will not be asking to be repaid $2 billion in loans he has granted the club during 19 years of injecting cash to elevate the team into one of the most successful in Europe.
“I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated,” he said. “The foundation will be for the benefit of all victims of the war in Ukraine.”
Abramovich has faced calls to condemn Russia’s attack on Ukraine, which he so far has not done.
Parliamentary privilege had been used by Labour Party legislator Chris Bryant to claim in the House of Commons on Tuesday that Abramovich was already looking to sell London properties, speculating that “he’s terrified of being sanctioned.”
The Blues won the Club World Cup for the first time last month – in front of Abramovich in Abu Dhabi – after securing a second Champions League title last year.
The speed of Abramovich’s pending exit from Chelsea is striking as he was trying to instigate a plan this past weekend to relinquish some control in order to keep the club under his ownership, announcing plans to shift the “stewardship and care” of the club its foundation trustees.
“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person,” Abramovich said. “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.”
According to Bloomberg, Hansjoerg Wyss, the Swiss businessman, said he received an offer to buy Chelsea on Tuesday, along with three other potential buyers. He told Swiss newspaper Blick that he’s waiting a few days and that Abramovich is currently asking for too much.
“He’s in panic just like all other oligarchs,” Wyss said in the interview.
While the U.K. has sanctioned more than 100 Russian individuals and entities in response to the invasion of Ukraine, Abramovich has so far remained off the list. But the Russian billionaire has been under increasing pressure from the nation’s politicians.
On Chelsea, Wyss added that he could imagine buying the football club as part of a group.
“I’m definitely not doing something like this alone,” he said. “If I buy Chelsea, then it’s with a consortium consisting of six to seven investors.”
Russia’s warmongering has cast the opulent assets held by some of its billionaires – everything from high-end property to private jets and superyachts – into the spotlight as the U.S., EU and U.K. ramp up sanctions. Lawmakers like Bryant are pressing to widen their scope and have talked of asset seizures.
Abramovich, with a net worth estimated at about $13.5 billion by the Bloomberg Billionaires Index, is understood to own multiple homes in London. The property Bryant was referring to is a mansion at Kensington Palace Gardens, according to a person familiar with the matter. The flat referenced is a penthouse at Chelsea Waterfront, the person said.
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