Following the pressure he received following the Russian invasion of Ukraine The billionaire Russian Oligarch Roman Abramovich said he will sell Chelsea – one of the Premier League team that was transformed into one of the world’s best soccer clubs under his control.
“Please be aware that this was an extremely difficult choice to make and I am very disappointed to leave this Club in this way. But I do think this would be best in interests of our Club,”” Abramovich said in the statement made by the team on Wednesday.
The club plans to create an unofficial foundation for charitable purposes which will make use of the net proceeds from the sale to help “all people who have been affected” of the conflict in Ukraine He said.
“This involves providing vital funding to the immediate and urgent demands of victims in addition to aiding the long-term efforts in recovery,” the statement reads.
The fortune of Abramovich’s is due to its involvement with the Russian metals and oil industries, including his purchase of a former state-owned oil company in the era that privatization was sweeping across Russia in the late 1990s.
He has a close relationship with Russian Vladimir Putin, the Russian President. Vladimir Putin, as he was with the former Russian President Boris Yeltsin.President Boris Yeltsin.
He’s not among the few Russian Oligarchs who are currently sanctioned by the U.S., although he was on an List of Russian political oligarchs and politicians associated with Putin which was put together at the end of 2018 by U.S. Treasury Department.
However, the British government is under pressure to take further actions against oligarchs such as Abramovich. In the U.K. has long been a place where wealthy Russians can store their huge fortunes in shell companies and multimillion-dollar London townhouses.
Recently, British politicians have looked to tighten the rules on foreign investment as well as confiscate assets bought with illegal money. The prime minister Boris Johnson’s Conservative Party has come under criticism for donations to political parties from Russian investors.
Feeling pressured, Abramovich announced Saturday that the club would be handed over to “stewardship and management” for the organization to trustees of the foundation’s charitable foundation.
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However, the questions remained. On Wednesday, prior to Chelsea’s statement, Labour Party leader Keir Starmer questioned the public regarding Abramovich specifically: “Last week the prime minister announced that Abramovich was in danger of being sanctioned. The prime minister later corrected the information to clarify that he’s not. Then, why is he not?”
Abramovich has been the owner of Chelsea from 2003 when he purchased out the majority of its shareholders at a cost of $233 million.
In the Abramovich period, Chelsea has experienced enormous success with the club, winning the Premier League title five times as well as winning the FA Cup five times and the Champions League twice.
The club’s worth is more than $3 billion according to an Forbes report from the year before. Abramovich is reportedly putting a date of Friday for the first offers, and is believed to be looking to sell the club for a minimum of $2.5 billion.
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Abramovich was the first to create the concept of foreign billionaire control of Premier League teams. The owners of clubs now include billionaire players from U.S., the United Arab Emirates, China, Thailand, Egypt and Iran.