Roman Abramovich to sell Chelsea club amid pressure over Ukraine

Roman Abramovich, the Russian oligarch who is believed to be a close confidant of President Vladimir Putin, announced that he is selling Chelsea Football Club as he reportedly is rushing to offload assets before he is hit with possible sanctions.

The billionaire Abramovich, who is one of the richest men in Britain, bought the London soccer club 19 years ago.

But his financial position in the UK has become untenable in recent days after Putin sent his military to invade Ukraine — effectively turning Russia into a pariah in the eyes of the West.

British officials have called for sanctions against Abramovich. One member of parliament from the Labour Party, Chris Bryant, claimed the oligarch is looking to sell his London properties valued at some $260 million because he’s “terrified of being sanctioned.”

Chelsea FC released a statement by Abramovich in which he wrote: “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.”

Abramovich, whose net worth has been pegged by Forbes at $12.6 billion, pledged that the sale of the team would “not be fast-tracked but will follow due process.”

Abramovich bought Chelsea FC for 140 million British pounds ($187 million). He is reportedly owed $2 billion by the club, though he has said he is willing to write off the loans in order to facilitate a sale.

Swiss billionaire Hansjorg Wyss is one of several wealthy individuals who are expected to submit a bid for the Blues. A local media outlet in Switzerland is reporting that Abramovich’s asking price for Chelsea is $2.5 billion.

“Abramovich is trying to sell all his villas in England. He also wants to get rid of Chelsea quickly,” Wyss told the Swiss daily Blick.

“I and three other people received an offer on Tuesday to buy Chelsea from Abramovich. I have to wait four to five days now. Abramovich is currently asking far too much.”

The embattled Chelsea owner has in years past refused to field offers for the club. But the Russian invasion of Ukraine has shifted the calculus.

Two days after Putin sent his forces into Ukraine, Abramovich turned over day-to-day control of the team to its affiliated charitable foundation.

“I believe that currently they are in the best position to look after the interests of the club, players, staff, and fans,” Abramovich said in a statement.