Roman Abramovich
Roman Abramovich
Photo: Reuters
Roman Abramovich

Abramovich relinquishes control of Chelsea, still owns club

The Russian-Israeli billionaire is giving up the control of the soccer club after a host of Russian oligarchs have been slapped with sanctions over the Ukraine invasion; he made no mention of the war in his statement

Associated Press |
Published: 02.26.22, 22:59
Chelsea owner Roman Abramovich handed over the "stewardship and care" of the Premier League club to its charitable foundation trustees on Saturday in an apparent move to fend off calls for him to completely give up control following Russia's invasion of Ukraine.
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  • The Russian-Israeli billionaire is not selling the club but is giving up any control for now after being targeted by figures, including politicians, over his ownership. The foundation is chaired by Bruce Buck, who is also chairman of the club. Chelsea director of finance Paul Ramos is also among the trustees.
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    Roman Abramovich
    Roman Abramovich
    Roman Abramovich
    (Photo: Reuters)
    Abramovich, who has owned Chelsea since 2003, made no mention of the war in his statement.
    "I have always taken decisions with the Club's best interest at heart," he said. "I remain committed to these values. That is why I am today giving trustees of Chelsea's charitable Foundation the stewardship and care of Chelsea FC.
    "I believe that currently, they are in the best position to look after the interests of the club, players, staff, and fans."
    Abramovich has invested more than $2 billion in Chelsea, transforming the club into one of the most successful in England. The west London club is currently world and European champion.
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    Chelsea soccer club owner Roman Abramovich
    Chelsea soccer club owner Roman Abramovich
    Chelsea soccer club owner Roman Abramovich
    (Photo: AP)
    "During my nearly 20-year ownership of Chelsea FC," he said, "I have always viewed my role as a custodian of the club, whose job it is ensuring that we are as successful as we can be today, as well as build for the future, while also playing a positive role in our communities."
    Abramovich is a former Russian provincial governor and ally of Russian President Vladimir Putin and became a steel and metals magnate. Now a dual Israeli citizen with a net worth estimated at more than $13 billion, Abramovich has used his fortune to buy Chelsea and homes in London and New York.
    Abramovich is also a benefactor member of Jewish communities such as Chabad Portugal (in Cascais it has the largest Chabad Centre in Europe) and B’nai B’rith International Portugal, together with other philanthropists from the United States, Russia, China, and Israel.
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    Roman Abramovich fights anti-Semetisim and donates to Jewish organizations and communities
    Roman Abramovich fights anti-Semetisim and donates to Jewish organizations and communities
    Roman Abramovich fights anti-Semetisim and donates to Jewish organizations and communities
    In addition to donations of millions of dollars to the Jewish Agency for Israel and to Jewish communities everywhere, Abramovich participated in symbolic acts such as the plantation of a forest with about 25,000 trees in memory of the Lithuanian Jews who died in the Holocaust, and the rehabilitation of the cemetery of the old Jewish Portuguese community of Altona, today a neighborhood in the city of Hamburg.
    Abramovich has not had a British visa since 2018 when a renewal application was taking longer than usual to go through and was withdrawn.
    That came at a time when Britain pledged to review the long-term visas of rich Russians in the aftermath of the poisonings of Russian former spy Sergei Skripal and his daughter in the English city of Salisbury. Britain blames Russia for the pair's exposure to a nerve agent, an allegation Moscow denies, and Abramovich is not linked to.
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