Chelsea FC has released a short statement addressing Vladimir Putin’s war in Ukraine after Roman Abramovich dramatically relinquished control of the club ‘to protect Chelsea’s reputation’ amid fears he could face sanctions over his alleged links to the Russian state.
Abramovich last night announced he was handing the ‘stewardship and care of Chelsea FC’ to the trustees of the club’s charitable foundation following the Russian invasion. However, he remains the owner, with the decision said to be more ‘symbolic’ than technical.
The Russian-born billionaire, who is worth around £10billion and bought the club from Ken Bates in summer 2003, has come under renewed scrutiny after the war broke out and was named as a person of interest over his suspected ties to Putin’s regime.
In a short statement on the war in Ukraine which contained no reference to Abramovich, Putin or Russia, Chelsea said: ‘The situation in Ukraine is horrific and devastating. Chelsea FC’s thoughts are with everyone in Ukraine. Everyone at the club is praying for peace.’
Chelsea insists the 55-year-old was motivated by protecting the club, not avoiding sanctions, at a time when it risks suffering reputational damage.
However, Abramovich’s shock move and his suspected links to the Kremlin has now raised serious questions about Chelsea’s future, and even stoked speculation about a potential takeover of the club.
Though bosses insist Chelsea is not and will not be for sale, potential suitors are said to be preparing takeover offers should the situation escalate. Bloomberg reported that the club has already fielded at least one inquiry this month over the availability of the club. A representative for Chelsea declined to comment when contacted by the publication.
Last night it was claimed any attempts to place sanctions upon him could have been disastrous for the club. The Times reported if that did happen it could have prompted him to ask Chelsea to pay him back £1.5billion it owes him.
But Abramovich, one of Russia’s highest-profile oligarchs, appears to be anything but out of the woods yet, as he faces mounting fury from MPs who are demanding he be prevented from owning Chelsea and basing himself in Britain.
In the Commons last week, Labour MP Chris Bryant read out a leaked Home Office document from 2019 which suggested the billionaire was linked to the Kremlin and ‘public association with corrupt activity and practices’. He demanded that Abramovich should have some of his assets seized, and questioned whether he should be allowed to operate a UK club.
Downing Street has not named him among those to be punished after Putin launched the strike in Ukraine, instead naming five senior Russia-based figures.
Chelsea FC has released a short statement addressing Vladimir Putin’s war in Ukraine. General view of Stamford Bridge
Roman Abramovich dramatically relinquished control of the club ‘to protect Chelsea’s reputation’
In a short statement on the war in Ukraine, Chelsea said: ‘The situation in Ukraine is horrific and devastating. Chelsea FC’s thoughts are with everyone in Ukraine. Everyone at the club is praying for peace’
Vladimir Putin next to billionaire and businessman Roman Abramovich in Sochi, Russia, July 19, 2016
In a rare statement on Saturday, Abramovich said: ‘During my nearly 20-year ownership of Chelsea FC, 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.
‘I have always taken decisions with the club’s best interest at heart. 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.’
Speculating on how the affair could impact Chelsea, Liverpool University football finance lecturer Kieran Maguire told the Times: ‘If he feels he is being made a scapegoat for the activities of Putin then the worst-case scenario is he tries to call in the loan.
‘Then we’ve got a crisis. He and Putin could argue that it is the British government that has destroyed Chelsea Football Club. There could be a lot of misrepresentation and accusations made from all parties if the British government does go down this route.
‘But I suspect this government will not want to upset football fans as we have a populist government. I suspect Chelsea’s legal team would be going through all the options.’
Marina Granovskaia will remain in control of football operations, just as chairman Bruce Buck will retain his same duties and German Thomas Tuchel will continue to deal with both of them as the first team manager.
The trustees in question are Buck, sports lawyer John Devine, Chelsea women’s manager Emma Hayes, former Kick It Out CEO Piara Powar, former Sports Minister and Chelsea fan Hugh Robertson and the club’s finance director Paul Ramos.
The billionaire Chelsea owner has faced renewed focus on his business activities in recent days but has always denied any wrongdoing or grounds for him to be sanctioned
Chelsea have been transformed under Abramovich’s time in control. Before he arrived, they had won one top-flight English title in their history, in 1955. Under his ownership they have added five Premier League titles, two Champions Leagues, two Europa Leagues, five FA Cups and three League Cups, for a total of 17 major trophies in 18 completed seasons.
The silverware has come at a massive price, with average net transfer spending of £68.2million per year for 19 years (adjusted for inflation to 2022 prices) and average wage spending of £236million per year. But few Chelsea fans will be complaining.
The Russian has a reputation as being a close associate of Putin. The British Government has blacklisted several Putin allies, making them subject to sanctions and asset freezing. For now, those do not include Abramovich, though Whitehall sources say this is subject to constant review.
The private hope of Abramovich in distancing himself from Chelsea, is that the club will not be targeted for abuse by those who link him to the Russian President and the war in Ukraine.
He also accepts that should London decide to come after him, this move will not stop them seizing assets, including Chelsea.
