Abramovich ‘steps back’ from Chelsea... but remains in control
ROMAN ABRAMOVICH sent shockwaves around the world of football last night by announcing he was handing the ‘stewardship and care of Chelsea FC’ to the trustees of the club’s charitable foundation.
Amid fears the billionaire could face stringent sanctions from the UK Government, the surprising move is an attempt to protect Chelsea from continued links to the wider situation of Russia’s war with Ukraine.
Abramovich, 55, who is worth £10billion and bought the club from Ken Bates in summer 2003, has come under renewed scrutiny after Vladimir Putin’s decision to invade Ukraine, with the revelation last week that in 2019 the Home Office linked the billionaire to the Russian state as well as ‘corrupt activity and practices’.
There were initially fears among fans that Abramovich was relinquishing his ownership and walking away. That would have raised serious questions about the future of the club, which owes about £1.5bn in loans to Chelsea’s parent company, Fordstam Ltd, which he also owns.
But The Mail on Sunday can reveal that
Abramovich remains the owner and last night’s announcement is ‘symbolic’ rather than technical. Nothing significant is going to change at the club, on or off the pitch, aside from Abramovich ‘stepping back’ to let the charity trustees be nominally in charge.
The Russian has a reputation — unfairly in his view — as being a close associate of Putin. The UK Government has blacklisted a number of Putin allies, making them subject to sanctions and asset freezing. For now those do not include Abramovich, although Whitehall sources say this is subject to constant review.
The private hope of Abramovich in distancing himself from Chelsea, who take on Liverpool in today’s Carabao Cup final, is that the club will not be targeted by those who link him to Putin.
Equally, he accepts that should the Government decide to come after him, this move will not stop them seizing assets, which include Chelsea.
His statement in full 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 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 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.’
If this were to be paraphrased to its core meaning, it would have read: ‘I remain Chelsea’s owner but I’m distancing myself for now from day-to-day control.’
Chelsea have been transformed under Abramovich’s time in control. Before he arrived, they had won one top-flight English title, 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.
The silverware has come at a huge price, with average net transfer spending of £68.2m per year for 19 years (adjusted for inflation to 2022 prices) and average wage spending of £236m per year. But few Chelsea fans will be complaining.
Political controversy continues to swirl around him and his residency status, and last week there were calls by MPs for him to be deprived of his ownership of Chelsea as an oligarch with links to Putin.
Abramovich, however, feels aggrieved the club is the subject of negative attention in the current political climate.
Nothing will change in terms of the daily workings at Chelsea. Marina Granovskaia will control of football operations, chairman Bruce Buck will continue his duties, as will boss Thomas Tuchel.