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Roman Abramovich cedes control of Chelsea FC to charitable foundation

Russian oligarch billionaire Roman Abramovich has transferred direct control of Chelsea Football Club to the English Premier League club’s charity fund, with speculation mounting about the West’s next wave of sanctions.

The move allows Abramovich to retain ownership of the club amid a close examination of ultra-rich oligarchs with ties to Russian President Vladimir Putin. However, this means that he relinquishes all control of club affairs.

Putin’s invasion of Ukraine has drawn enormous attention to Russia’s ties to the world of sports.

The Russian-Israeli billionaire has made Chelsea one of the strongest teams in world football, and has twice won the UEFA Champions League, the most prestigious club tournament in Europe, after acquiring the club in 2003.

“During my almost 20 years of ownership of Chelsea, I have always seen my role as the club’s guardian, whose role is to ensure 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,” said Abramovich.

“I have always made decisions with the good of the club at heart,” he said.

His ownership of the team made Abramovich a well-known name in English football and beyond.

Roman Abramovich cedes control of Chelsea FC to charitable foundation Source link Roman Abramovich cedes control of Chelsea FC to charitable foundation

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