Russian businessman Roman Abramovich said on Wednesday he would sell Chelsea Football Club, 19 years after buying the London side, and promised to donate money from the sale to help victims of the war in Ukraine.
Amid calls for Abramovich to be hit by sanctions after Russia's invasion of Ukraine, the 55 year-old metals magnate said in a statement that a sale was in the best interests of the reigning European and world soccer champions.
"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," he said.
Abramovich said he would not ask for loans he has made to the club - reported to total 1.5 billion pounds ($2.0 billion) - to be repaid to him and the sale would not be fast-tracked. He also said he had told his aides to set up a charitable foundation which would receive all net proceeds from the sale.
"The foundation will be for the benefit of all victims of the war in Ukraine," Abramovich said in the statement."
“This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery."
Swiss business tycoon Hansjoerg Wyss told a newspaper earlier that he was considering buying Chelsea from Abramovich who over the weekend said he was stepping back from running the club but made no mention of any plans to change its ownership.
"Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now. I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich," Blick quoted Wyss as saying in an interview published on Wednesday.
Abramovich bought the West London club in 2003 and his investment has helped produce the most successful era in the team's history - winning five Premier League titles, five FA Cups and the Champions League twice.
The 55-year-old, who has Israeli and Portuguese citizenship, became one of Russia's most powerful businessmen by earning fabulous fortunes after the 1991 break-up of the Soviet Union. Forbes has put his net worth at $13.3 billion.
Read Roman Abramovich's statement:
“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.
“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.”
“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.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the Club in this manner. 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.”
