Russian billionaire Roman Abramovich to sell Chelsea football club and donate proceeds to victims in Ukraine

Like Russia’s attack on Ukraine continues, Russian billionaire Roman Abramovich announced on Wednesday that he was selling the Chelsea football club. Abramovich said the sale “will not be quick, but a proper procedure will follow” and that net proceeds will go to victims in Ukraine.

“It was never about business or money for me, but about pure passion for the game and the club,” he said.

Forbes estimated Abramovich’s net worth at $ 12.4 billion as of Wednesday afternoon, while Chelsea was worth about $ 3.2 billion in 2021. The 55-year-old man, once Russia’s richest man, said he would set up a foundation where net sales will be donated.

“The foundation will benefit all victims of the war in Ukraine,” he said. “This includes providing critical resources for the urgent and urgent needs of victims, as well as supporting long-term recovery work.”

He also said he would not demand repayment of any of his loans, alluding to a reported $ 2 billion loan he had given to the club.

The announcement comes after Abramovich said on Saturday that he was giving direct control of the club to trustees of the Chelsea Charitable Foundation. One day later, the team lost to Liverpool in the EFL Cup.

With other Russian oligarchs already sanctioned, the threat still looms over Abramovich and his assets. One day before Abramovich was announced, British MP Chris Bryant said that Abramovich would “sell everything until we get to his sanction”, according to CBS Sports.

Meanwhile, British Labor leader Keir Starmer on Wednesday called on Prime Minister Boris Johnson to impose sanctions on Abramovich for his “ties to the Russian state” and his “links to corruption and practices”, according to the BBC. Johnson said he would not comment on individual cases, but said “the order is being tightened on the Putin regime”.

Abramovich has denied ties to Russian President Vladimir Putin, going so far as to file a defamation lawsuit over allegations that he bought the club in 2003 on instructions from the president, according to CBS Sports.

Abramovich said on Wednesday that he was making the sale in the team’s best interest.

“Please know that this was an incredibly difficult decision to make and it hurts me to part with the club this way,” he said.