Coming under pressure following Russia's invasion of Ukraine, billionaire Russian oligarch Roman Abramovich said he would sell Chelsea - the Premier League team he owned to turn into one of the world's top football clubs.
Abramovich said in a statement, "Please know that this is an incredibly difficult decision, and it pains me to part ways with the club. However, I believe it is in the best interest of the club." " Team Wednesday.
He said the club would set up a new charitable foundation that would use the net proceeds of the sale to benefit "all the victims" of the war in Ukraine.
"This includes providing critical funding for the immediate and immediate needs of victims, as well as supporting the long-term work of recovery," the statement said.
Statement from Roman Abramovich.
— Chelsea FC (@ChelseaFC) March 2, 2022
Abramovich's vast fortune comes from his involvement in the Russian oil and metals industries, most notably the acquisition of a former state-owned oil company during the wave of privatization in Russia in the mid-1990s.
He is close to Russian President Vladimir Putin, as he was with former Russian President Boris Yeltsin.
He is currently in the US He is not among a handful of Russian oligarchs approved by the U.S., although he was included in a list of Russian politicians and oligarchs linked to Putin that was banned in the U.S. in 2018. Compiled by the Treasury Department.
But the British government has been under pressure to take further action against oligarchs like Abramovich. The UK has long been a destination where wealthy Russians can park their vast wealth in shell companies and multimillion-dollar London townhomes.
In recent days, British politicians have focused on tightening rules regarding foreign investment and confiscation of property purchased with wrongfully acquired money. Prime Minister Boris Johnson's Conservative Party has come under scrutiny over political donations from Russian investors.
Apparently feeling the pressure, Abramovich announced on Saturday that he was handing over the "caretaker and care" of the club to the trustees of his charitable foundation.
But the questions continued. On Wednesday, ahead of Chelsea's announcement, Labor Party leader Keir Starmer publicly asked about Abramovich directly: "Last week the prime minister said Abramovich was facing sanctions. He later set the record low. Correcting that he is not. Well, why on earth is he not?"
Abramovich has owned Chelsea since 2003, when it bought out most of its shareholders for about $233 million.
In the Abramovich era, Chelsea have experienced enormous success, winning the Premier League title five times, the FA Cup five times and the Champions League twice.
According to last year's estimates by Forbes, the club is now worth over $3 billion. Abramovich has set a Friday deadline for initial offers and is reportedly looking to sell for at least $2.5 billion.
Abramovich helped establish the model of foreign-billionaire ownership of Premier League teams. Club owners now include megarich investors from the US, the United Arab Emirates, China, Thailand, Egypt and Iran.