“I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC. 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 ushered in an unprecedented era of Chelsea success and changed the face of English football after buying the club in 2003. But after 19 years everything has come to an astonishingly speedy halt. There will be raised eyebrows at the notion that Abramovich has always taken decisions in the best interests of Chelsea. If that is the case why did he hastily announce an ill-conceived plan to transfer the stewardship and care of the Chelsea to trustees of the club’s charitable foundation less than 24 hours before the men’s team faced Liverpool in the Carabao Cup final last weekend? And why did confirmation that Abramovich wants to sell the club come 69 minutes before Chelsea faced Luton in the FA Cup on Wednesday night?
Less than a month ago Abramovich was on the pitch at the Mohammed bin Zayed Stadium in Abu Dhabi, celebrating with the head coach, Thomas Tuchel, after seeing Chelsea become club world champions for the first time. Now he has bowed to political pressure to call time on his ownership of Chelsea. Abramovich says that he loves the club, but Russia’s invasion of Ukraine has made it all but impossible for him to stay in English football.
Then again if the Russian oligarch is sanctioned by the UK government it is highly unlikely that he would be able to sell Chelsea. He would not be able to fund the club and the financial consequences could be dire. In that context a swift parting of the ways is in Chelsea’s best interests.
“The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club.”
Chelsea have spent heavily on brilliant players, recruited top managers and won every major honour available under Abramovich, who does have a strong affinity with the club and did not come into football to make money.
He has yearned for Chelsea to be as entertaining as possible on the pitch, moved them to an excellent new training ground, built one of the best academies in the world and has invested in the women’s team. There has also been a focus on community initiatives and charitable causes, such as the club’s efforts to tackle antisemitism.
Taken at face value, Abramovich’s decision to write off the £1.5bn of loans he has given Chelsea will increase his standing with supporters. However it is unclear what would happen if Chelsea were sold for less than £1.5bn.
Critics of Abramovich will also dispute the idea that this has always been about passion for football. There have been calls in parliament for Abramovich to be sanctioned after the invasion of Ukraine and although he vehemently disputes allegations that he has links to Vladimir Putin and the Russian state or has done anything to merit being sanctioned, the political temperature has forced his hand.
There has been little sign of Abramovich trying to cling on to control of the club. The Labour MP Chris Bryant has said that he fears that Abramovich’s decision to sell is an attempt to avoid sanctions.
“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.”
Abramovich has won praise from many Chelsea fans for this pledge. However there is no clarity over what the net proceeds will be once legal costs are factored into the sale. This element remains light on detail: what factors will detract from the net proceeds? How much will be left?
And who will benefit from the proceeds? It is notable that Abramovich, who has not condemned Russia’s actions, said that the money would go to “all victims of the war”. The Guardian has established that it is not simply meant for Ukrainians. Your country of origin will not matter, raising the possibility of money going to Russian soldiers who are hurt in their war, to their families or to bereaved families.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the Club in this manner.”
There is no doubt that Abramovich means this. As recently as last weekend Chelsea were maintaining that they were not for sale. Sources said that nothing about Chelsea’s leadership would change once Abramovich had transferred day-to-day running to the foundation’s trustees; he was still the owner. Political realities, though, have very quickly led to a different outcome.
“However, I do believe this is in the best interest of the Club. I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. 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.”
Abramovich, who holds Russian, Israeli and Portuguese citizenship, no longer resides in the UK and last attended a Chelsea home game in November. He would be gratefully received if he ever attended a game as a guest, but it is unlikely to be easy if sanctions are imposed on him.
