Russian billionaire Roman Abramovich confirms plans to sell Chelsea

Swiss businessman already mooted as potential buyer, with Abramovich under pressure over his links to Vladimir Putin

Chelsea owner Roman Abramovich plans to sell the club. Picture; Jed Leicester/PA Wire

Chelsea owner Roman Abramovich has confirmed he is planning to sell the club.

Roman Abramovich has confirmed he has put Chelsea up for sale and has written off the £1.5bn of loans he has made to the club. The billionaires Hansjörg Wyss and Todd Boehly are part of a consortium trying to buy the Premier League team.

Sources have said at least one other group is preparing to make an offer this week. There is a sense that a bidding war would help Abramovich maintain some form of leverage and the first move came when Wyss, a Swiss businessman, revealed that he had been invited to join a consortium aiming to own Chelsea.

Abramovich confirmed his plans to sell Chelsea in a statement on Wednesday evening and said net proceeds from the sale would be donated to a charitable foundation which would be “for the benefit of all victims of the war in Ukraine”. He said he would not be asking for the money he has loaned Chelsea since buying the club in 2003 to be repaid.

Wyss, an 86-year-old worth a reported £4.3bn, has partnered with Boehly, the part-owner of the LA Dodgers baseball team, who is worth an estimated £5bn. Several more investors are involved, with at least two others understood to be from the US.

Abramovich is open to offers after a hugely eventful five days in which he announced plans to relinquish the running of Chelsea and was said by the Labour MP Chris Bryant to be hastily selling UK properties to avoid potential financial sanctions.

Abramovich’s decision to transfer the stewardship and care of Chelsea to the trustees of the club’s charitable foundation came after a call in parliament for him to face sanctions following the invasion of Ukraine. The 55-year-old, who has vehemently disputed reports suggesting his alleged closeness to Vladimir Putin and Russia or that he has done anything to merit being sanctioned, is ready to sell at the right price.

“I have always taken decisions with the club’s best interest at heart,” Abramovich said. “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.” 

Interested parties had been looking to move swiftly in case Abramovich is sanctioned by the UK government, at which point it is unlikely a sale would be permitted. It is understood the US bank Raine has been tasked with trying to make a sale.

Wyss said he had been asked to join a consortium of “six or seven investors”, though he added that the current asking price was too high.

“Abramovich is trying to sell all his villas in England, he also wants to get rid of Chelsea quickly,” Wyss told the Swiss newspaper Blick. “I and three other people received an offer on Tuesday to buy Chelsea from Abramovich. I have to wait four to five days now. Abramovich is currently asking far too much. You know, Chelsea owe him £2bn. But Chelsea has no money. As of today, we don’t know the exact selling price.” Wyss said that he would not act alone. “I can well imagine starting at Chelsea with partners,” he said. “But I have to examine the general conditions first. But what I can already say: I’m definitely not doing something like this alone. If I buy Chelsea, then with a consortium consisting of six to seven investors.” 

Boehly reportedly had a £2.2bn bid for Chelsea rejected in 2019 and is the co-founder, chairman and CEO of the the US company Eldridge Industries, which invests in sectors including media and sport. Wyss has worked with Boehly at Eldridge. The Swiss is is the founder and the former president and chairman of Synthes Holding AG, a medical device manufacturer, and a supporter of liberal and environmental causes in the US, where he lived for a number of years.

The situation is fluid and other bidders are yet to publicly show their hand. The Ineos chairman, Jim Ratcliffe, has reportedly tried to buy the club in the past.

Abramovich’s plan to transfer the stewardship of Chelsea to the foundation’s trustees has run into obstacles. Some trustees have concerns over Abramovich’s plan and the UK's Charity Commission has contacted the foundation for more information after a serious incident report was reported to the regulatory body. The trustees are likely to want an impenetrable indemnity policy in place if they are to go ahead with the proposed change to the club’s structure. That would ensure they are not liable for any financial ramifications on their watch.

Abramovich’s spokesperson was approached for comment on the claim he was seeking to sell some of his properties.

On Wednesday British Labour leader Keir Starmer pressed Boris Johnson at prime minister’s questions to sanction Abramovich. The Labour leader told the Commons: “We must stand up to Putin and those who prop up his regime. Roman Abramovich is the owner of Chelsea Football Club and various other high-value assets in the United Kingdom. He’s a person of interest to the Home Office because of his links to the Russian state and his public association with corrupt activity and practices.

“Last week, the prime minister said that Abramovich is facing sanctions. He later corrected the record to say that he isn’t. Well, why on earth isn’t he?” Johnson said it was not “appropriate” for him to comment on individual cases at this stage.

The Premier League has said a show of solidarity with Ukraine will be visible at all its matches this Saturday, Sunday and Monday. Captains will wear armbands in the colours of the Ukrainian flag, “a moment of reflection and solidarity” will be held before kick-off and big screen and LED perimeter will display “Football Stands Together” against a yellow and blue backdrop.

Guardian