Chelsea’s owner Roman Abramovich finally made the disclosure on Wednesday he had made the “incredibly difficult” decision to sell the Premier League club, and pledged that proceeds would go to victims of the war in Ukraine.
The club’s Russian billionaire believes it is in the “best interest” of the Stamford Bridge club for him to part ways with the club he has so successfully transformed since buying it in 2003. The dramatic development of his announcing his intention to sell comes days after the oligarch said he was handing over control of Chelsea to trustees of its charitable foundation in the wake of Russia’s invasion of Ukraine.
“I have always taken decisions with the club’s best interest at heart,” Abramovich said in a statement.
“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 announcement of the impending sale was made less than an hour before Chelsea’s FA Cup fifth-round tie at Championship side Luton, which the Blues won 3-2.
Chelsea boss Thomas Tuchel, stumped just like everybody else, said his team had managed to “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 told the BBC.
“In the very short 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, giving in to his emotions, wistfully said he hopes to make one more visit to Stamford Bridge to say goodbye before the curtain finally descends on his reign.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner,” he said.
He added: “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.”
What is happening now to Chelsea is truly seismic for English football after nearly two decades of witnessing Abramovich’s team consistently challenged for the the top honours in English and European football, winning no less than 19 major trophies in the Abramovich era itself, including their first two glittering Champions League crowns and five Premier League titles.
And now the curtains will be coming down on the 55-year-old’s reign in view of his rapport with Russian president Vladimir Putin and the accelerated fall-out from Russia’s invasion of its neighbour.
However, despite his alleged close links to the Russian leader, Abramovich still has yet to be named on a growing British sanctions list targeted specifically at Russian banks, businesses and pro-Kremlin oligarchs.
The nagging fear in the minds of Chelsea fans now would be – what would the club be like once Abramovich has gone?
The Russian billionaire not only saved Chelsea in 2003 and dismantled the duopoly of Manchester United and Arsenal in the English league, but also was primarily instrumental in providing his very patent for an ownership model that was totally unprecedented. In total contrast from wealthy individuals who had purchased football clubs in the past – with folks coming to mind like Jack Walker Rich who had acquired Blackburn Rovers and gone on to win the league title – but the magnitude of Abramovich’s plan for Chelsea, not to mention his wealth, was on a totally different scale, to say the least.
And now, as if in a fleeting instant, the years of success and glory flying under the Abramovich flag have flashed by and will soon be but memories from a proud past. He has no options now but to sell, something that he had possibly anticipated or even envisioned much earlier as he had first employed the US investment bank Raine Group to value Chelsea four years ago. He resolutely turned down offers. But not now where he is on the hunt for a sale and would probably have to accept even only half the £4billion (€4.8bn) he is allegedly asking for. The club is in debt to him to the tune of £1.51billion (€1.82bn) in loans but the oligarch is also predisposed towards writing off that debt.
Abramovich, who made a rare appearance to watch Chelsea win the Club World Cup in Abu Dhabi last month, has pledged to donate any net proceeds from the sale to help victims of the war in Ukraine.
“The sale of the club will not be fast-tracked but will follow due process,” he said.
“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.”
There’s no reason why Abramovich would not be leaving Chelsea in reasonable shape after his departure from the club, with the only major caveat being that its liabilities can be covered. Which could prove to be a huge issue as between 2009 and 2020 Chelsea were responsible for almost a fifth (£803million) of combined Premier League club losses (£4.1billion). The only reason the club could cope all this while was because of his ownership. This that Chelsea’s current modus operandi is wholly dependent on Abramovich or another well-oiled, wealthy owner.
At the end of the day, setting aside the fractious sentiments raging around the Russian-Ukraine war, one suspects that many a Blues diehard fan would regret seeing the back of their Russian club owner when the day finally comes for him to make his final exit.