Chelsea boss Abramovich hands over control of club

CHELSEA FC’s Russian owner Roman Abramovich last night announced that he was handing long-term control of the club to a foundation of trustees amid speculation that he could face sanctions over his closeness to President Vladimir Putin.

Mr Abramovich, who bought Chelsea in 2003, has been under intense scrutiny since Putin’s forces invaded Ukraine.

It emerged last week that the Home Office in 2019 linked the billionaire to the Russian state as well as ‘corrupt activity and practices’.

In what was interpreted as a bid to reduce the risk of Chelsea being hit by sanctions, the billionaire – who has outstanding loans of £1.5billion with the club – said he was handing ‘long-term strategic decision-making powers’ to the Chelsea Foundation.

In a statement, he 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.’

Sky Sports News last night quoted Chelsea sources as saying the development did not signify the club was for sale. Reporter Kaveh Solhekol said: ‘Roman Abramovich is not calling in any loans.

‘He is stepping back from involvement in day-to-day running of the club because he wants to protect Chelsea from the attention he’s getting.’

But Chelsea supporter and former Conservative MP David Mellor said he believed that the statement indicated the beginning of the end for Mr Abramovich’s ownership of Chelsea. ‘The fact he is finding his present situation unsustainable is a sign of what Putin has done in terms of a spectacular own goal for people like Roman Abramovich’, he said.

‘I think what will happen is that this thing will effectively go into trust and then it will be sold because the issue is he can’t get his loans of £1.5 billion back but what he can do is try to sell the club.’

Mr Abramovich, who is estimated to be worth £12billion, did not have his UK visa renewed in 2018 and now travels to the country on sixmonth visas as an Israeli citizen.