Following Russia’s invasion of Ukraine, Roman Abramovich handed over the Chelsea stewardship to the trustees of the club’s charitable foundation trustees
We take a look at what it means for the club
Who is Chelsea Owner Roman Abramovich?
Roman Abramovich is the owner of Chelsea and has a net worth of $9.6 billion. He has been the club’s owner since 2003 and has overseen an era of extraordinary success at the west London club.
Chelsea was purchased by Abramovich from Ken Bates in 2003 for a reputed ยฃ140 million. Under his regime, Chelsea has spent almost ยฃ1 billion, won 19 major trophies, and fired 11 managers in the last 19 years.
Since the takeover, Chelsea has won five Premier League titles, five FA Cups, three League Cups, two Champions League titles, and two Europa League titles thanks to an era of record-breaking transfer spending.
Impact of the Handover And What It Means For The Club Going Ahead
Abramovich will remain Chelsea’s owner, and the Russian billionaire, who has invested over ยฃ1 billion in the Stamford Bridge club since 2003, will not require the club to repay the loans he owes him. This will help in ensuring the club’s long-term viability.
The Chelsea Foundation will take over long-term strategic decision-making powers from the Russian billionaire. However, Abramovich will no longer be involved in day-to-day club operations.
Chelsea Charitable Foundation Trustees And Who Will Make The Decisions At The Club
They club’s foundation board trustees are Bruce Buck, John Devine, Emma Hayes, Piara Powar, Paul Ramos and Sir Hugh Robertson with Buck the current Chairman of the Club and head of the Charitable Foundation.
Women’s Chelsea boss Emma Hayes will also be a part of the running but the magnitude of the footballing decisions, contracts, and the future of head coach Thomas Tuchel will be down to Marina Granovskaia (director) and Petr Cech (technical and performance advisor) and neither are Trustees.
The club isn’t for sale either and the club also insists that Abramovichโs decision to step back has not been made in an attempt to avoid sanctions, but instead to protect the club at a time when it was in danger of suffering reputational and strategic damage.
What Did Roman Abramovich Say
In his official statement, Roman Abramovich said:
“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.โ
“I believe that currently they are in the best position to look after the interests of the club, players, staff, and fans.”
His declaration came the day before Chelsea’s League Cup final against Liverpool at Wembley on Sunday.
Reason Behind Abramovich Stepping Back At Chelsea And Potential Sanctions
Labour MPs have said this week that Abramovich, who was born in Russia, should not be permitted to buy Chelsea because of his suspected ties to Vladimir Putin’s regime. Chris Bryant, a Labour MP, said in the House of Commons that the Roman Abramovich’s assets should be taken.
In order to avoid any negative image of Chelsea, the Russian owner took this step. Abramovich took this step with the belief that it will stop everyone from linking Chelsea to Russia-Ukraine tension.
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