Roman Abramovich to sell Chelsea, proceeds to go to war victims

Russian businessman Roman Abramovich said on Wednesday he would sell Chelsea Football Club, 19 years after buying the London side, and promised to donate money from the sale to help victims of the war in Ukraine.

Amid calls for Abramovich to be hit by sanctions after Russia’s invasion of Ukraine, the 55 year-old metals magnate said in a statement that a sale was in the best interests of the reigning European and world soccer champions.

“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,” he said.

Abramovich said he would not ask for loans he has made to the club — reported to total 1.5 billion pounds ($2.0 billion) — to be repaid to him and the sale would not be fast-tracked. He also said he had told his aides to set up a charitable foundation. “The foundation will be for the benefit of all victims of the war in Ukraine,” Abramovich said in the statement.

“This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.” Swiss business tycoon Hansjoerg Wyss had told a newspaper that he was considering buying Chelsea from Abramovich who over the weekend said he was stepping back from running the club but made no mention of any plans to change its ownership.

Abramovich bought the  club in 2003 and has helped produce the most successful era in the team’s history — winning five Premier League titles, five FA Cups and the Champions League twice.