Abramovich forced to sell Chelsea

Roman Abramovich has recently been forced to sell Chelsea due to the Ukraine-Russia conflict.

On Feb. 24th, 2022, Russia invaded Ukraine. Within days, it was announced that the United Kingdom would place sanctions on Chelsea FC’s owner Roman Abramovich because of his Russian descent. This caused shockwaves throughout the world of sports.

Roman Abramovich was born in 1966 in Saratov, Russia. Following the collapse of the Soviet Union, Abramovich bought Russian state-owned assets at a price below market value. These acquisitions put him on the path to being a successful oligarch. Abramovich is also the majority owner of a private investment company: Millhouse LLC. But most notably, he is the owner of Chelsea FC. Abramovich purchased Chelsea from Ken Bates for £140 million in 2004. Chelsea plays in the highest division of English football: the Premier League. After Abramovich bought the club, Chelsea quickly became a European powerhouse, winning the Premier League five times, the domestic FA Cup six times, and the European Champions League twice.

Despite the incredible success of Chelsea, Abramovich was pressured to sell the club due to his close ties with the Russian president, Vladimir Putin, even though Abramovich denied the allegations. Recently, on Feb. 26th, Abramovich was banned from living at his UK residence and is now hastily selling his property empire, which has amassed to a whopping £200 million. Labor Leader Sir Keir Starmer called for sanctions over Abramovich. Just hours before, he decided to hand over “stewardship and care” to the board of Chelsea’s charitable foundation and said they are in the “best position” to manage and take care of the club.

Just four days later, on March 2nd, Abramovich announced that he would sell the club through a public statement posted across social media and to the official Chelsea website. He noted that the sale of the club will not be quick and will follow a lengthy process. The loans he made to Chelsea –worth roughly £1.5billion– will not have to be repaid. Abramovich said, “It has never been about business nor money for me, but about pure passion for the game and club.” He stated that all proceeds from the sale of the club will go to Chelsea’s charitable foundation to help all the victims of the war in Ukraine. Chelsea coach Thomas Tuchel said he had “no problem” managing the club even if Abramovich decided to sell.

Of course, with the announcement of Abramovich selling the club, there have been many interested buyers. Abramovich set a £3 billion asking price. One of the most well-known individuals who is interested in buying Chelsea is Conor Mcgregor, former UFC champion. Mcgregor posted to his Twitter page saying, “I wish to explore this. @ChelseaFC,” and “Chelsea for sale £3bn…Let’s buy it.” Other potential buyers are LA Dodgers partial owner Todd Boehly, Sir Jim Ratcliffe, and British property tycoon owner Nick Candy, who is working on offering a £2.5 billion bid. If the club is eventually sold for the asking price, it would make it the largest club purchase in Premier League history. Matt Schaffer ‘25 says, “I hope that the new ownership is able to maintain the success that Chelsea has currently.”