Abramovich gives up control of Chelsea

The Russian billionaire communicated his decision via a press statement on the Chelsea website on Saturday.

Feb 26, 2022 - 22:02

Abramovich-Chelsea

The Russian invasion of Ukraine is already having more ripple effects on sports with Chelsea owner Roman Abramovich announcing on Saturday he has handed "stewardship and care" of Chelsea to the club's charitable foundation.

UEFA Friday announced the taking away of the Champions League final away from Russia and that was followed by a directive by the International Olympic Committee that all Sporting Federations across the world should either cancel or postpone all sporting events billed for Russia.

With the increasing calls for sanctions on Abramovich over alleged ties with Vladimir Putin, the Billionaire businessman has instead chosen to relinquish control of Chelsea even though his ownership of the London club remains in place.

Abramovich communicated his decision via a press statement on the Chelsea website on Saturday.

He 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 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.

“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.

“I believe that currently, they are in the best position to look after the interests of the Club, players, staff, and fans.”

While many are still trying to digest the implication of Saturday’s announcement by Abramovich, so are not happy with the timing which is coming on the eve of a Cup final for the Blues.

Chelsea's history under Abramovich

Abramovich secured the ownership of Chelsea in 2003 from Ken Bates for a reported fee of £140m.

In the 19 years since he has spent more than £1billion, won 19 major trophies and sacked 11 managers.

In that time, Chelsea have won:

5 Premier League titles (2004-05, 2005-06, 2009-10, 2014-15, 2016-17)

5 FA Cups (2006-07, 2008-09, 2009-10, 2011-12, 2017-18)

3 League Cups (2004-05, 2006-07, 2014-15)

2 Champions Leagues (2011-12, 2020-21)

2 Europa Leagues (2012-13, 2018-19)

Club World Cup (2021-22)

UEFA Super Cup (2021-22)

And he has worked with 13 different managers: