Roman Abramovich announced over the weekend that he was stepping back from the day-to-day running of Chelsea Football Club with a statement that left many football fans puzzled as to exactly what he meant.
Abramovich said he was handing over the “stewardship and care” of Chelsea to the club’s charitable foundation. So what does that mean, and how does it impact Chelsea?
Who is Roman Abramovich?
Abramovich is a billionaire oligarch who acquired significant wealth during the fall of the Soviet empire, buying up previously state-owned assets for low prices via the controversial loans-for-shares scheme.
He has invested in oil, aluminium, technology and sport, buying Premier League club Chelsea in 2003. According to Forbes, he was the 50th richest individual in the world in 2010 with a net worth of around $12bn. That wealth is at risk of diminishing as a result of Russia’s invasion of Ukraine and the West’s subsequent sanctions on the Russian economy.
Abramovich had a close relationship with the former Russian leader Boris Yeltsin. He denies having any kind of improper relationship with or influence over the current leader, Vladimir Putin.
What is the charitable foundation?
Chelsea has a charity arm called the Chelsea Foundation, which works predominantly on projects in the local community. The Foundation’s trustees include the club chairman Bruce Buck, lawyer John Devine, Women’s manager Emma Hayes, the club’s director of finance Paul Ramos, the Kick It Out chief executive Piara Powar, and the former MP Sir Hugh Robertson.
Given Buck is already the chairman, and much of the club’s football operations are run by director Marina Granovskaia and technical advisor Petr Cech, it is unclear how Abramovich’s statement tangibly affects Chelsea beyond distancing the owner from the club’s daily affairs.
Does Abramovich still own Chelsea?
Abramovich bought Chelsea in the summer of 2003, and has since spent vast sums to bring huge success to Stamford Bridge. Chelsea have won five Premier League titles and two Champions League crowns since Abramovich bought the club, and recently added the Club World Cup to their list of honours.
Despite his announcement, he remains the club’s owner. Indeed he is still owed around £1.5bn by the club.
What has the reaction been?
Abramovich’s statement came under criticism both for its vagueness and its lack of reference to Russia’s invasion of Ukraine. Chelsea later released another statement describing “the situation in Ukraine” as “horrific and devastating”. It made no direct mention of Russia. The statement added: “Chelsea FC’s thoughts are with everyone in Ukraine. Everyone at the club is praying for peace.”
The Chelsea Supporters’ Trust has said it is seeking “urgent clarification” on what this is all means for their club, while manager Thomas Tuchel has said there are many “uncertainties” but that he does not expect his role to change.
Abramovich has come under fire from pundits, including Gary Neville, who said on Sky Sports: “It was a meaningless statement, it doesn’t have any strength behind it and the only question we want Roman Abramovich to answer, if he is going to speak, is ‘does he condemn the war or does he support the war on Ukraine?’”
Abramovich’s spokesman meanwhile claims the Chelsea owner is trying to broker peace between Russia and Ukraine.
