Russian owner Abramovich puts up Chelsea Football Club for sale

Abramovich is selling Chelsea Football Club, and the proceeds from the sale would go to the victims of the war in Ukraine

It’s the time of war. Amidst news of devastation all around, there are at times news that could bring about some amount of surprise, after all. And this is one. What we are telling you now is the story of Chelsea Football Club’s Russian owner Roman Abramovich.

Abramovich stunned the world a few hours ago by declaring that he has decided to sell his Premier League club, and that all the proceeds from the sale would go to the victims of the war in Ukraine. After having bought the club way back in 2003, the Russian billionaire has now decided to sell it off, saying that it would be in the “best interest” of the Champions League holders. It may be recalled that Abramovich had a few days ago said that he was handing over control of Chelsea Football Club to trustees of its charitable foundation following Russia’s invasion of Ukraine.

Chelsea sale decision comes as a surprise

A statement from Abramovich has stressed that he has always taken decisions with the club’s best interest at heart. The current scenario of war has prompted the latest decision to sell off Chelsea Football Club, as the Russian owner believes that it would be in the best interest of the club, the fans, the employees, as well as the club’s sponsors and partners.

The English football arena is sure to be impacted by this landmark decision, as Chelsea has been doing so well in the matches it has played over the past two decades.  Chelsea, under Abramovich, has won as many as 19 major trophies. These also include the club’s first two Champions League crowns and five Premier League titles.

Now with his home nation at war with neighbouring Ukraine, the 55-year-old Abramovich has decided to end all ties with Chelsea. It is being rumoured that Abramovich has a close relationship with Russian President Vladimir Putin, and that his decision might have come about as he was concerned that his assets could be seized. However, Abramovich’s name doesn’t figure in the British sanctions list that has included Russian banks and businesses.

$4-billion price tag likely

It remains to be see who will now be the new owners of Chelsea FC. The grapevine has it that Hansjorg Wyss, a Swiss billionaire, and US investor Todd Boehly, a co-owner of the Los Angeles Dodgers baseball team, are gearing up for a joint bid. If they are successful enough to pocket the club, Chelsea would soon have a new face.

Abramovich is likely to attach a price tag of GBP 3 billion ($4 billion) on Chelsea. It is also being sad that the Russian billionaire is not in a rush to sell the club off. He has been quoted saying that “the sale of the club will not be fast-tracked but will follow due process”. American bank, the Raine Group is likely to be handed the mandate of dealing with the sale process.