Russian oligarch drops $4 billion bombshell amid war in Ukraine

Russian billionaire Roman Abramovich has confirmed the bombshell news that he is selling English Premier League club Chelsea, in the latest fallout to the war in Ukraine.

Abramovich could yet come under UK government sanctions given his close links to the Russian state, amid suggestions he's been attempting to broker a peace deal between Russia and Ukraine.

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The billionaire has faced calls to condemn Russia's attack on Ukraine, which he so far refused to do, with pressure mounting on British authorities to hit him with sanctions.

Parliamentary privilege had been used by Labour Party legislator Chris Bryant to claim in the House of Commons on Tuesday that Abramovich was already looking to sell London properties, speculating "he's terrified of being sanctioned."

Abramovich is understood to be in the midst of 'fire sale' of his British assets, which includes a property portfolio said to be worth a staggering $366 million.

However, it is the impending sale of English Premier League giant Chelsea - a club he has loaned some $2.7 billion dollars during his two decade reign at the club - that has made the biggest headlines.

According to Forbes, the team's value on April 2021 was £2.4billion (A$4.4 billion), before the club went on to win a second Champions League title.

The Russian-Israeli billionaire, who's owned the Blues since 2003 and helped steer the Stamford Bridge club to 19 major trophies, has promised to donate money from the sale to help victims of the war.

But the 55-year-old's glittering reign in west London is now effectively over, with a consortium of billionaires already making their interest in a deal public.

"As I have stated before, I have always taken decisions with the club's best interest at heart," read Abramovich's statement on Wednesday.

"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."

Swiss billionaire Hansjorg Wyss and USA investor Todd Boehly are understood to be two of the parties joining forces and now preparing a bid for the Blues.

The 86-year-old Wyss has already revealed he would bid for Chelsea as part of a consortium.

Chelsea won two Champions League titles, as well as the Club World Cup title earlier this year, under Abramovich's ownership.

Roman Abramovich comes to 'incredibly difficult' decision

"The sale of the club will not be fast-tracked but will follow due process," continued Abramovich's statement.

"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."

The speed of his pending exit from Chelsea is striking as Abramovich was trying to instigate a plan this past weekend to relinquish some control in order to keep the club under his ownership.

But the charity regulator began investigating an attempt to try to distance himself from decision-making at Chelsea for the first time by announcing plans to shift the "stewardship and care" of the club to its foundation trustees.

"Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner," said Abramovich in his statement.

"However, I do believe this is in the best interest of the club.

"I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person.

"It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements.

"Chelsea Football Club and its supporters will always be in my heart."

with agencies

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