Roman Abramovich to sell Chelsea, ‘net proceeds’ to go to Ukraine war victims

Chelsea’s Russian owner Roman Abramovich said on Wednesday he had made the “incredibly difficult” decision to sell the Chelsea club, promising that proceeds would go to victims of the war in Ukraine. The billionaire believes it is in the “best interest” of the Champions League holders if he heads out in different directions from the club he has transformed since he bought it in 2003. The dramatic development comes days after Abramovich said he was handing over control of Chelsea to trustees of its charitable foundation following Russia’s invasion of Ukraine.

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

“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.”

Chelsea have won 19 major trophies in the Abramovich era, including their first two Champions League trophies and five Premier League titles.

“The sale of the club will not be fast-tracked but will follow due process,” he said.

“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.”

He announced the impending sale less than an hour prior to Chelsea’s FA Cup fifth-round tie at Championship side Luton, which Chelsea won 3-2.