The Russian oligarch hands over the management of Chelsea FC from London but remains the owner.
(Photo: dpa)
London Russian oligarch Roman Abramovich is stepping down from the helm of Chelsea football club in London. This is the best thing for the club, the employees, the players and the fans, the billionaire said in a brief statement on Saturday. He did not give a reason for this.
The move is said to protect the club from potential sanctions over Russia’s war against Ukraine. There are calls in the British parliament to put Abramovich on the sanctions list because he is considered a supporter of Russian President Vladimir Putin. Abramovich has not yet commented on the war. Only his daughter Sofia had spoken out against it on social media.
In a statement over the weekend, Chelsea avoided direct criticism or blaming Russia. Instead, he only explained that the situation in Ukraine was “terrible” and one prayed for the people there.
The club will now be run by the Chelsea Foundation under Chairman Bruce Buck. Marina Granowskaja has been responsible for the operative business for years.
Top jobs of the day
Find the best jobs now and
be notified by email.
But Abramovich remains the owner. He had bought the club in 2003 and made it a permanent contender for the championship title with expensive player purchases. Since then, Chelsea have won the Premier League and English Cup five times and the Champions League twice. Most recently, Chelsea, as reigning Champions League winners, won the Club World Cup two weeks ago. Abramovich was present at the stadium in Abu Dhabi.
By buying the prominent club, the 55-year-old has become the international epitome of the Russian oligarch. He had made his fortune in oil and aluminum after the collapse of the Soviet Union. According to the Sunday Times Rich List, it amounts to 12.1 billion pounds (14.4 billion euros). A large part of these are shares in the steel and mining group Evraz, which is listed on the London Stock Exchange. Abramovich also owns several London properties totaling £200million.
Abramovich’s visa was not extended in 2018
With his investments, the Russian has made a significant contribution to making the Premier League not only the most expensive, but also the best football league in the world in the UEFA five-year ranking. Other super-rich have followed suit and bought clubs like Manchester City (Sheikh Mansour from Abu Dhabi’s ruling family) and most recently Newcastle United (several entrepreneurs and the Saudi sovereign wealth fund) to improve their own image.
Abramovich has hardly appeared on the club grounds at Stamford Bridge in recent years. After the poisoning attack by Russian agents in Salisbury, England, in 2018, his British visa was not extended. As a result, he had buried the plans for a billion-dollar new stadium. Last November he was at a home game for the first time in three years. The descendant of Portuguese Jews now has an Israeli and a Portuguese passport, with which he can travel freely in Europe.
The discussion about possible sanctions against the owner has been causing unrest in the club for days. It is unclear exactly what consequences the club could face. But coach Thomas Tuchel admits to being nervous. “It distracts us, we’re concerned,” he said on Friday.
The club owe Abramovich £1.5 billion. Should he reclaim the sum, Chelsea would be in existential distress. This danger has not yet been averted. “Unless Abramovich condemns the criminal invasion of Ukraine I will continue to demand that Britain sanctions him and confiscates his assets,” Labor MP Chris Bryant tweeted.
More: Western countries sanction Russian central bank