Chelsea owner Roman Abramovich has unexpectedly turned over the "stewardship and care" of the British Premier League soccer team to its charitable foundation trustees, the Russian billionaire announced.
Abramovich, who bought the team in 2003, announced the move on February 26 after a member of the British Parliament called for the Russian to hand over the club following Russia's unprovoked invasion of Ukraine.
Abramovich did not mention the war in his statement.
Abramovich will still own the club but the control of activities will go to the trustees.
“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,” the statement read.
"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," the statement added. “I believe that currently they are in the best position to look after the interests of the club, players, staff, and fans.”
Financial experts had told The Times newspaper that the soccer club could face bankruptcy if the British government were to impose sanctions against Abramovich.
Britain has taken a strong stand against Russia and imposed strict sanctions on several Russian-owned entities and individuals and has said it is preparing more as Moscow’s invasion of Ukraine continues.
Britain, and London in particular, has long been a favorite site for Russian businesses and wealthy individuals to settle and purchase property.
