Russian Billionaire Roman Abramovich To Sell Chelsea Football Club

Proceeds from the sale will benefit “all victims of the war in Ukraine.”

Sports
15,428 Hypes 14 Comments

Russian billionaire Roman Abramovich has announced he will sell England’s Chelsea Football Club. He has owned the team since 2003 and has overseen its Premier League rise in recent years.

“As I have stated before, I have always taken decisions with the club’s best interest at heart. In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club’s sponsors and partners,” Abramovich said in a statement on Chelsea FC’s website on Wednesday.

Though there is no timetable, Abramovich said that the sale “will not be fast-tracked” and that he will not require loan repayments from the team. Additionally, proceeds from the club sale will go to a charitable foundation benefiting those impacted by Russia’s deadly invasion of Ukraine.

“This has never been about business nor money for me, but about pure passion for the game and Club,” he said.

“Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.”

British Labour MP Chris Bryant recently called for Abramovich to be prohibited from owning the club after citing a leaked U.K. government document from 2019 alleging that Abramovich has “links to the Russian state and his public association with corrupt activity and practices.” NPR notes that he is close with Russian President Vladimir Putin and had ties to former Russian leader Boris Yeltsin.

Chelsea joins an expanding list of Premier League clubs that are cutting ties to Russia. Last week, Manchester United ended its sponsorship deal with Russia’s national airline Aeroflot, and earlier on Wednesday, Everton FC announced that it had suspended all sponsorship agreements with Russian companies USM, Megafon and Yota.

Elsewhere, HBO Max has expanded into live sports with $200 million USD U.S. soccer deal.

Read Full Article

What to Read Next

Fikayo Tomori Proves There’s More to English Football Than the Premier League
Sports

Fikayo Tomori Proves There’s More to English Football Than the Premier League

The AC Milan defender on life abroad, new experiences and Italian passion.

Liverpool Steps Closer to Quadruple Dreams With FA Cup Victory Over Chelsea
Sports

Liverpool Steps Closer to Quadruple Dreams With FA Cup Victory Over Chelsea

Taking it all the way to penalties.

Lewis Hamilton and Serena Williams Pledge Bid To Acquire Chelsea FC
Sports

Lewis Hamilton and Serena Williams Pledge Bid To Acquire Chelsea FC

Raising millions of pounds in funds.


Russian Arts and Culture Have Become Casualties of the Ukrainian Invasion
Art

Russian Arts and Culture Have Become Casualties of the Ukrainian Invasion

A number of institutions have suspended all involvement with Russian artists and organizations.

A Look Into Life in Los Angeles With the 'North of the 10' Cast
Entertainment

A Look Into Life in Los Angeles With the 'North of the 10' Cast

Presented by BET+
Meet Don Benjamin before watching him play an aspiring model in the new movie.

Stüssy and Beats Unveil Collaborative Pill+ Speaker
Tech

Stüssy and Beats Unveil Collaborative Pill+ Speaker

Marking the entities’ first partnership.

3 'Resident Evil' Games Will Receive Upgrades in 2022
Gaming

3 'Resident Evil' Games Will Receive Upgrades in 2022

Arriving on the PS4, PS5, Xbox and PC.

Apple To Host “Peek Performance” Event on March 8
Tech

Apple To Host “Peek Performance” Event on March 8

Broadcast live from Apple Park at 10 a.m. PT/1 p.m. ET.

Thieves Steal More Than $500,000 USD of Props and Equipment from Netflix's 'Lupin' and 'The Crown' Sets
Entertainment

Thieves Steal More Than $500,000 USD of Props and Equipment from Netflix's 'Lupin' and 'The Crown' Sets

Within the same week.


Salon 94 Will Present "Caldonia: Concert and Film Posters from the Collection of Ralph DeLuca"
Art

Salon 94 Will Present "Caldonia: Concert and Film Posters from the Collection of Ralph DeLuca"

Featuring vibrant posters including Louis Armstrong, Billie Holiday, Fats Navarro and more.

Telfar Introduces New Denim Styles
Fashion

Telfar Introduces New Denim Styles

Featuring two relaxed silhouttes.

J. Cole Announces Dreamville Festival 2022 Lineup
Music

J. Cole Announces Dreamville Festival 2022 Lineup

Featuring Lil Baby, T-Pain, Ja Rule, Ashanti and more.

The Estate of J.R.R. Tolkien Launches Website Showcasing Unreleased Art
Art

The Estate of J.R.R. Tolkien Launches Website Showcasing Unreleased Art

Featuring drawings, illustrations, maps and photographs from the prolific author.

BET Announces Unscripted Music Docuseries on Irv Gotti's Murder Inc. Records
Entertainment

BET Announces Unscripted Music Docuseries on Irv Gotti's Murder Inc. Records

The renowned label launched the careers of hip-hop legends including Ja Rule, Ashanti and more.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.