Roman Abramovich, owner of Chelsea smiles following his team’s victory during the UEFA Champions League Final between Manchester City and Chelsea FC at Estadio do Dragao on May 29, 2021 in Porto, Portugal.
Alexander Hassenstein | Uefa | Getty Images
The Russian oligarch Roman Abramovich said Wednesday that he will sell the Chelsea soccer club in England, a dramatic move that comes in response to outrage over Russia’s invasion of Ukraine.
Abramovich at the same time announced that he has instructed the renowned team to set up a foundation that will use all net proceeds of the sale of Chelsea to “benefit all victims of the war in Ukraine.”
The sale announcement came less than a week after the billionaire said that he was transfer stewardship of the club to the trustees of a charitable foundation.
Abramovich bought Chelsea, which is based in London, in 2003.
“I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC,” Abramovich said in a statement.
“As I have stated before, I have always taken decisions with the Club’s best interest at heart. 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.”
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