The Roman Abramovich era at Chelsea is set to end.
The Russian billionaire announced Wednesday that he has “taken the decision to sell” Chelsea amid mounting pressure related to the invasion of Ukraine.
“This has never been about business nor money for me, but about pure passion for the game and club,” said Abramovich, who assumed control of the Premier League club in 2003.
“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.”
The 55-year-old oligarch added: “Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner. However, I do believe this is in the best interest of the club.”
Abramovich also said he won’t ask the club to repay him for any loans, which are reportedly worth as much as £1.5 billion, according to The Guardian’s Jacob Steinberg.
He ended his statement by saying he hopes to return to Stamford Bridge in the future to say farewell to Chelsea supporters.
“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.”
Earlier on Wednesday, Swiss billionaire Hansjorg Wyss, 86, said that Abramovich approached him with an opportunity to buy Chelsea.
“We do not yet know the exact sale price. I can very well imagine myself joining Chelsea with partners. First, I have to look carefully at the conditions,” he said.
Wyss added: “I certainly wouldn’t do such a thing alone. If I buy Chelsea, it will be with a consortium of six to seven investors.”
Todd Boehly, who is a part-owner of Major League Baseball’s Los Angeles Dodgers, is reportedly partners with Wyss.
Wyss also expressed concern about Chelsea’s finances, citing the money owed to Abramovich as a possible hurdle. But Abramovich’s announcement that he’s writing off loans owed to him could further convince Wyss.
Chelsea’s value has skyrocketed since Abramovich’s £140-million purchase 19 years ago, with Forbes estimating that the club is currently worth around £2.39 billion.
News of a possible shakeup behind the scenes at Chelsea emerged in the days that followed Russia’s invasion of Ukraine. With Abramovich believed to have strong ties to Russian President Vladimir Putin, several British politicians criticized his ownership of the club, while the threat of sanctions has loomed concerning Abramovich.
Abramovich launched a period of unprecedented success for a Chelsea team that had only one league title to its name before he took over almost 20 years ago.
Thanks in large part to his injection of cash, Chelsea went on to enjoy their most successful run in club history, winning five Premier League titles and the Champions League twice, as well as numerous other trophies.