[ad_1]
LONDON (AP) — Faced with the threat of financial sanctions targeting Russians, Chelsea owner Roman Abramovich confirmed Wednesday he is trying to sell the Premier League club he turned into an elite trophy-winning machine with his lavish investment.
Abramovich’s trophy asset made him a high-profile target for politicians demanding he be included among wealthy and influential Russians hit with British sanctions after a week of Russia’s war on Ukraine.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner,” Abramovich said in a statement. “However, I do believe this is in the best interest of the club.”
It is one of the most stunning business repercussions of President Vladimir Putin’s decision to invade Russia’s neighbour.
One potential buyer had already gone public to reveal Abramovich was trying to sell with a price tag of at least $2.5 billion floated. Swiss billionaire Hansjorg Wyss claimed he “received an offer on Tuesday to buy Chelsea from Abramovich” along with three other people.
However, Abramovich insisted that “the sale of the club will not be fast-tracked but will follow due process.”
The billionaire oligarch said he will not be asking to be repaid 1.5 billion pounds ($2 billion) in loans he has granted the club during 19 years of injecting cash to elevate the team into one of the most successful in Europe. The set of every major trophy was completed last month when Chelsea won the Club World Cup.
“I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated,” he said. “The foundation will be for the benefit of all victims of the war in Ukraine.”
Abramovich has faced calls to condemn Russia’s attack on Ukraine, which he so far has not done.
Parliamentary privilege had been used by Labour Party legislator Chris Bryant to claim in the House of Commons that Abramovich was already looking to sell London properties, speculating that “he’s terrified of being sanctioned.”
Abramovich has not commented on any attempts to seize his assets.
Follow The Gleaner on Twitter and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.
[ad_2]
Source link
