Ukraine-Russia: Chelsea FC's oligarch owner hands off 'stewardship,' may look to sell ahead of sanctions
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Russian oligarch Roman Abramovich has handed over "stewardship" of Chelsea F.C. as his financial future remains uncertain in the face of sanctions over Russia's invasion of Ukraine.
Abramovich issued a statement Saturday on Chelsea's website, saying he has "always viewed his role as a custodian of the Club" and said that handing over "stewardship" to trustees of Chelsea's charitable Foundation would keep the club's "best interests at heart." He did not make any mention of ownership or intentions to sell the club, but reports have claimed he is either looking to sell the club or cash in on a substantial $2 billion loan.
Following Russia’s invasion of Ukraine on Feb. 24, the West responded with swift condemnation and severe sanctions. Abramovich has not yet been named by the United Kingdom on its list of sanctioned individuals.
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If the sale occurred, Abramovich would want to get the value of his loan - $2 billion – rather than just the present value of the club, meaning it would rank as the biggest takeover not just in England but in Europe overall.
FILE PHOTO: Football - Bolton Wanderers v Chelsea - FA Barclays Premiership - The Reebok Stadium, Bolton, Britain - April 30, 2005 Chelsea's John Terry, Roman Abramovich, Frank Lampard and Eidur Gudjohnsen celebrate winning the premier league Action Images via Reuters/Darren Walsh/File Photo | Reuters
Roman Abramovich in 2003 bought then-middling English soccer team Chelsea F.C. and transformed it into one of the most widely-recognized and valuable sports franchises on the planet. Sports Illustrated in 2021 cited a valuation of roughly $1.084 billion.
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But Abramovich has long enjoyed a close relationship with Russian President Vladimir Putin as well as his predecessor Boris Yeltsin. In 1996, Abramovich moved into an apartment in the Kremlin at the invitation of the Yeltsin family, and in the early days of Putin’s regime helped the fledgling ruler form his first cabinet, reportedly reviewing each candidate personally.
Abramovich has since fiercely defended his independence from Putin over the past year. He last publically appeared at the FIFA Club World Cup to celebrate Chelsea’s victory, but has since disappeared.
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The Telegraph reported that his private jet was tracked flying to Moscow on Thursday, noting that there is no guarantee Abramovich himself was onboard.
And while his whereabouts remain unknown, so too does Chelsea’s future: British ministers have called for Prime Minister Boris Johnson to strip Abramovich of his ownership.
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Labour MP Chris Byrant said during Business Questions on Thursday that he had access to documents from 2019 linking the oligarch to "malign activities."
"Surely Mr Abramovich should no longer be able to own a football club in this country? Surely we should be looking at seizing some of his assets ... and making sure that other people who have had tier 1 visas like this are not engaged in malign activity in the UK," Bryant said, according to The Guardian.
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But Abramovich may look to sell the club or cash in his loan to the club in order to get money before sanctions, which would freeze his assets or any sterling assets for him, according to Bloomberg.
Sports investors and private equity firms, including some American ones, have begun to draw up takeover offers. A person involved in the matter said that Chelsea fielded one inquiry this month.