Chelsea’s Russian manager Roman Abramovich said on Wednesday that he took his “tough” decision to sell the Premier League club, pledging that the proceeds will be donated to the victims of the conflict in Ukraine.
The billionaire believes it’s best for the “best interest” of the Champions League holders if he quits the team he has transformed since purchasing the club in 2003.
This dramatic move comes just several days after Abramovich declared he was planning to hand the management of Chelsea to the trustees of its charitable foundation following Russia’s incursion into Ukraine.
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“I have always taken decisions with the club’s best interest at heart,” Abramovich stated in an interview.
“In the current situation, I have therefore decided 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.”
It’s a meaningful time for English football; after two decades, Abramovich’s side has always fought for the highest honors in the sport.
Chelsea has been awarded 19 major awards during the Abramovich period, including the premier two Champions League crowns and five Premier League titles.
However, his reign will be over in the aftermath of the invasion of Russia by its neighbor.
Abramovich is believed to have close ties with Russian Abramovich, who is believed to have close ties with Russian President Vladimir Putin, has not been included on the increasing British sanctions list that targets Russian banks, companies, and tycoons that support the Kremlin.
It is believed that the Chelsea owner’s worries about possible confiscation of assets are believed to have led him to decide to sell the Blues.
Swiss billionaire Hansjorg Wiss and US investment Todd Boehly, a co-owner of the Los Angeles Dodgers baseball team, reported that they are one of two parties currently working on a joint bid for the Premier League giants.
Wyss, 86years old, said to Swiss newspaper Blick newspaper that he had been offered the opportunity to purchase the London club because Abramovich was looking “to get rid of Chelsea quickly” before any possible sanctions for political reasons.
It is believed that Abramovich’s offer price for Chelsea is around GBP 3 billion ($4 billion).
The sale is expected to close in the next few days, with American Bank The Raine Group being reported to manage the deal.
The debt of Chelsea to Abramovich is currently at GBP 1.5 billion. However, Abramovich has not asked for loan repayment, and he is expected to sell his London properties.
Abramovich was a participant in an appearance for the first time to observe Chelsea triumph in the Club World Cup in Abu Dhabi in March.
He has committed to donating any net proceeds of the sale to those affected by the conflict in Ukraine.
“The sale of the club will not be fast-tracked but will follow due process,” the official declared.
“I won’t be asking for loans to be paid back. It was never about money or business to me. It was relatively pure love for the game and the club. Moreover, I have also instructed my team to put an organization for charitable donations in which all net proceeds from the sale will go to charity.”
“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.”
Abramovich made GBP140 million to purchase Chelsea, and the intelligent selection to Jose Mourinho as manager helped break Manchester United and Arsenal’s stranglehold on the Premier League.
The sale was announced less than an hour before Chelsea’s FA Cup fifth-round tie at Championship club Luton that the Blues beat 3-2.
Chelsea manager Thomas Tuchel said his team could “cancel out the noise.”
“I think every decision he (Abramovich) takes is the right decision; it is his choice, his club, it is not on me to comment,” He said to the BBC.
“In the concise term for us as a team, staff and players, hopefully not too much, maybe even it will change nothing, but the situation is now out there and a big situation so I can understand lots of reports.”
Abramovich stated that he would like to say goodbye before the curtain comes down on his rule for one more trip to Stamford Bridge.
“Please know that this has been a tough decision to make, and it pains me to part with the club in this manner,” he added.
He 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.”
