The businessman maintains hes not an official political figure for Russia. It was an unceremonious end to his 19 years as owner. It was never about money for Abramovich, though. The Solaris superyacht (right), owned by Russian billionaire Roman Abramovich, moored in Barcelona, Spain, on Tuesday, March 1, 2022. Abramovich was feted with speeches praising his work through Chelsea to campaign against antisemitism. Where is he going to set up a bank account for the charitable foundation which is going to distribute the net proceeds to "all victims of the war in Ukraine"? The Russian is said to have turned down an offer of 2.5bn for the club from an unidentified third party earlier this week, with bids of 3bn or more expected to be taken seriously. Roman Abramovich sanctions: what does asset freeze mean for Chelsea FC sale - and what did Boris Johnson say? 2. CNNs Sammy Mngqosini and Steve Almasy contributed to this report. Among those who have expressed an interest in buying Chelsea in the past are the Ineos tycoon Sir Jim Ratcliffe and Todd Boehly, an American businessman, although it was unclear whether either remained interested in a deal. Abramovich is currently trying to sell all his villas in England. London | Russian businessman Roman Abramovich said on Wednesday he would sell Chelsea Football Club, 19 years after buying it and setting the team on a path to sporting glory, and promised to donate money from the sale to help victims of the war in Ukraine. Florentino Perez has kept his powder dry during the coronavirus pandemic, but is prepared for the huge wage demands of both Kylian Mbappe - a free agent this summer - and Erling Halaand, who will be available from Borussia Dortmund for just 75 million euros. But Foreign Secretary Liz Truss has warned that she has drawn up a hit list of Russian oligarchs, and said the government would impose new sanctions on them every few weeks. In March 2022, Yad Vashem said it was suspending a reported donation of tens of millions of dollars from Abramovich, owner of the Chelsea Football Club, citing recent developments, after he was sanctioned by the U.K. and European Union. Legal Statement. Mykolenko hits out at Russia players for silence over Ukraine invasion. His purchase of the club helped transform the landscape of English football with Chelsea breaking the stranglehold of Manchester United, Arsenal and Liverpool. Chelsea owner Roman Abramovich confirmed Wednesday that he is looking to sell the club. This has never been about business nor money for me, but about pure passion for the game and Club. And how much money are you going to make out of them? The final stage of the process encapsulated how laced in politics the process was with approval needed from the British and European authorities that sanctioned Abramovich, ensuring he would not profit from the sale. All Rights Reserved. What potential problems are holding a deal up? However, Bates' purchase price was just 1 although he also had to take on debts of 1.5 million at the time. That includes a spell when Chelsea were handed a transfer ban for two windows in 2019-20 for issues around their academy recruitment. The 22-year-old is also being tracked by Newcastle and West Ham, and he was also linked with Manchester United this January. "The only issue is - who could buy Chelsea at the moment? More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports, FILE - Chelsea soccer club owner Roman Abramovich attends the UEFA Women's Champions League final soccer match against FC Barcelona in Gothenburg, Sweden, May 16, 2021. Getty. The sale price was 2.5 billion pounds ($3.2 billion), the most ever for a team in world sports, with the proceeds having to go to a foundation supporting Ukrainian victims of the war. "But what I can already say: I'm definitely not doing something like this alone. After buying Chelsea for 140 million pounds in 2003, Abramovich ended up with nothing. Financial expert Simon Kuper questions who, alongside Swiss billionaire Hansjorg Wyss, is part of a reported consortium looking to buy Chelsea? "According to Mr Bryant, Abramovich wants to sell his house in London, sell another flat and that was apparently going to happen today. Read on for Kaveh's full analysis as he tackles the key questions at this stage of the selling process An asset is only worth what someone is willing to pay for it and at the moment it is unlikely that there are many people who are ready to spend 3billion buying a football club. Abramovich is understood to want to retain his ownership of Chelsea, but that could effectively prove close to impossible should the UK Government impose sanctions on the 55-year-old, who has owned the west London club since 2003. They are hoping that in 10 years time Newcastle could be worth 3billion. "Abramovich is trying to sell all his villas in England, he also wants to get rid of Chelsea quickly," Wyss told Swiss newspaperBlick. If I buy Chelsea, then with a consortium consisting of six to seven investors.". That kind of paper return on investment is not possible if you buy Chelsea for 3billion - and don't forget financial fair play rules mean new owners will not be able to spend big like Abramovich did in the early days. Several of the parties contacted by Raine are understood to be from the US, with others from Asia. Brook on Khan rematch: Does anyone want it? "We're all in 100% every minute of every match. This has never been about business nor money for me, but about pure passion for the game and club. The proceeds will be transferred to a frozen account and then used "to support the relief and rebuilding effort in Ukraine as soon as possible," the government said. After making small talk with guests and posing for photos with President Isaac Herzog in front of the pitch, the party moved onto an afternoon tea event for around 50 people, with scones and cucumber sandwiches. Forbes has put his net worth at $13.3 billion. FILE: American businessman Todd Boehly applauds during the English Premier League soccer match between Chelsea and Wolverhampton at Stamford Bridge stadium, in London, Saturday, May 7, 2022. MORE: Chelsea owner Roman Abramovich is selling the club| Who will buy Chelsea? Banks and lawyers and the government will want to know where the money is coming from and where it is going to. Investors like to buy businesses they can transform but it's difficult to see how much more you can do with Chelsea if you are going to spend 3billion to buy the club. Bayern Munich have reportedly lost out on the race to sign Chelsea defender Andreas Christensen. Prior to Thursdays sanctions, a number of potential buyers had emerged, and despite the clear and obvious hurdles that the governments intervention now presents, The Times report that there are several suitors still keen on striking a deal for the Blues. Chelsea owners links to Vladimir Putin amid UK Government sanctions, Roman Abramovich net worth 2022: Chelsea owners wealth analysed amid UK Government sanctions and sale hope, This website and its associated newspaper are members of Independent Press Standards Organisation (IPSO). The player is a free agent in the summer and as a result his inflated wage demands could be an obstacle for some clubs who are interested. Abramovich said the decision to sell had been incredibly difficult. Three months later, Abramovich is being replaced as Chelsea owner by a group fronted by American investor Todd Boehly, a prospect unimaginable when the oligarch was on the field in Abu Dhabi on Feb. 9 lifting the FIFA Club World Cup. Got a confidential news tip? How much did Roman Abramovich pay for Chelsea? The consortium also features Dodgers principal owner Mark Walter, Swiss billionaire Hansjorg Wyss, and funding from private equity firm Clearlake. The Raine Group -- working with Abramovichs associates on the board leading Chelsea eventually selected the group featuring Wyss and fronted by Boehly, part-owner of the Los Angeles Dodgers, with investment from Clearlake Capital. (AP Photo/Martin Meissner, File / AP Newsroom). Before Abramovichs announcement on selling the team, Swiss billionaire Hansjrg Wyss said he wants to buy Chelsea. All Rights Reserved. Abramovich has slapped a 3bn price tag on Chelsea as he prepares to end his near-two decade ownership of the London club, according toSky News. Who could put a deal together? Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Quotes displayed in real-time or delayed by at least 15 minutes. A week later, any immediate hopes of returning to London were ended by the government. Chelsea Football Club and its supporters will always be in my heart.. Chelsea soccer club owner Roman Abramovich attends the UEFA Women's Champions League final soccer match against FC Barcelona in Gothenburg, Sweden, May 16, 2021. Learn more and donate what you can today. The job of finding a buyer for Chelsea was placed with the New York-based Raine Group merchant bank. "But selling Chelsea at the moment is going to be just as complicated as trying to hand over control to the club to the Chelsea Foundation trustees.". Yes. The sale of the Chelsea Football Club, formerly owned by Russian oligarch Roman Abramovich, was completed Monday in a record $3.2 billion deal. NationalWorld is a new national news brand, produced by a team of journalists, editors, video producers and designers who live and work across the UK. Updated Mr Abramovich has reportedly put a 4 billion ($7.35 billion) price tag on the Premier League club. Yet, Abramovich never has practiced what he preached, even as Putin framed the war as one of denazification, falsely called the Ukrainian leadership Nazis despite President Volodymyr Zelenskyy being Jewish, and areas were reduced to rubble by Russian bombing and shelling. The British government approved the sale last week after ensuring that Abramovich could not profit from it. We want to start a community among our readers, so please follow us on Facebook, Twitter and Instagram, and keep the conversation going. Some may feel it's too risky to get involved. Roman Abramovich selling Chelsea: What is the latest? His assets could be frozen. "I and three other people received an offer on Tuesday to buy Chelsea from Abramovich. Womens average salaries, national team pay & Euro 2022 prize money. I hope, Abramovich said, that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person.. Wyss, who founded medical device firm Synthes USA, was quoted in the interview as saying, I have to wait four to five days now. Abramovich completed the purchase of Chelsea from Ken Bates in June 2003. Help using this website - Accessibility statement, seize property owned by Russian oligarchs. Raine will earn a sizeable commission if the club is sold. Around the same number of players have been offloaded, with 487 leaving Stamford Bridge but for much lower fees. The Financial Times said the government was also making plans to seize property owned by Russian oligarchs. Chelsea did not respond to CNNs request for comment. As of today, we don't know the exact selling price. As well as bans on any further sales of tickets or merchandise, the Blues have been placed under an effective transfer embargo, and are not permitted to bring in any new players. Johnson, speaking in parliament, said he could not go into details on specific cases. UFC London 2022: fight card, UK time, odds, tickets and how How much do female footballers get paid? Sign up for free newsletters and get more CNBC delivered to your inbox. appreciated. Then everything rapidly changed from Feb. 24 when Russia invaded Ukraine. It's not just potential buyers contacting Raine, Raine will also be approaching people it knows are interested in buying a Premier League club. The Pitch Owners include more than just devoted Blues fans, however. It now appears Chelsea's owner is looking to sell the football club too. (AP Photo/Frank Augstein, File / AP Newsroom). The Associated Press contributed to this report. "I will not be asking for any loans to be repaid. At this stage, it is the Todd Boehly-Hansjorg Wyss consortium but more often than not buyers like to keep their name out of the media until a deal has been agreed. Since the Russians takeover, the club has won 18 major trophies the UEFA Champions League twice, the UEFA Europa League twice, the UEFA Super Cup twice, the Premier League five times, the FA Cup five times (with 2010 providing the clubs first ever league and FA Cup double), and the League Cup three times. Abramovich bought the West London club in 2003 for a reported 140 million pounds and his investment contributed hugely to the most successful era in the teams history as they won five Premier League titles, five FA Cups and the Champions League twice. Chelsea has become a football powerhouse in the 19 years it has been owned by Roman Abramovich. Swiss billionaire Wyss claims he has been offered the chance to buy Chelsea, with the 86-year-old has admitting interest in purchasing the Stamford Bridge club from Abramovich, but only as part of a consortium. (AP Photo/Martin Meissner, File), Connect with the definitive source for global and local news, group fronted by American investor Todd Boehly. Russian oligarch Roman Abramovich announced Wednesday he plans to sell Chelsea Football Club, as it is in the best interest of the Club, the fans, the employees, as well as the Clubs sponsors and partners., No timetable was provided but Abramovich said the sale will not be fast-tracked but will follow due process.. Swiss business tycoon Hansjoerg Wyss told a newspaper that he was considering buying Chelsea from Abramovich who, over the weekend, said he was stepping back from running the club but made no mention of any plans to change its ownership. Abramovich tried to cling onto Chelsea, even as anger over Russias unprovoked aggression toward its neighbor intensified, backed not just by loyal fans but club greats including John Terry hailing him as the best.. Find out more about whos who in the team, and our editorial values. (AP Photo/Frank Augstein, File / AP Newsroom). Abramovich is owed 1.5billion by Chelsea after buying the club in a 140m deal in 2003. That is where the money is as far as buying English clubs is concerned at the moment. When is M&S school uniform sale 2022? His loans to the club are thought to be around 1.5 billion ($2 billion). Those that speak openly to the media are either doing it as a publicity stunt or they are trying to attract people to invest in their consortium. The eventual owner - if there is to be one - could be someone we haven't heard from at all. In a statement Wednesday, Abramovich said that the net proceeds from the sale will be donated to a foundation set up to help those impacted by the Russian invasion of Ukraine. He also wants to get rid of Chelsea quickly now. Thursdays sanctions also present a sizeable obstacle to Abramovichs planned sale of the club. We should do everything to prevent him selling off his UK assets, Davis said on Twitter. David Davis, a veteran lawmaker in Johnsons ruling Conservative Party, said the sale should be blocked however until Abramovich can prove the source of his wealth. (Photo by Craig Barritt/Getty Images for Oceana), Swiss billionaire Hansjrg Wyss said he wants to buy Chelsea. Club legend John Terry is president of the group, while Neil Barnett, Steve Clarke, Marcel Desailly, Jimmy Floyd Hasselbaink, Pat Nevin, David Webb, and Dennis Wise are all vice presidents. Abramovich turned his back on life in London in 2018 when the British government delayed renewing his visa following the attempted assassination of a former Russian double-agent in England, which it blamed on Moscow. Pogba weighs up Juventus, Real Madrid and PSG offers - Paper Round. Not even a return of the 1.6 billion pounds of loans he had to write off to allow the club to be sold and continue playing. However, he said he would not ask for loans he has made to the club reported to be 1.5 billion to be repaid to him and the sale would not be fast-tracked. Thank you for reading. "The sale of the club will not be fast-tracked but will follow due process," he said in a statement issued through the club's official website. Abramovich announced this week he is selling the club after 19 years, Up to 10 parties are considering making bids for Chelsea, with investment bankers working on the sale expecting most of the interest to come from the USA. There was, maybe, a British visa to be regained after he withdrew his application for a renewal in 2018. Can there be a global food shortage because of the war in Ukraine. He has told his aides to set up a charitable foundation which would receive all net proceeds from the sale. How did Roman Abramovich get rich? Russia is being cut off from the global banking system. Abramovich was forced to sell the club in March after being sanctioned by the British government for what it called his enabling of Russian President Vladimir Putin's "brutal and barbaric invasion" of Ukraine. Roman Abramovich is "terrified of being sanctioned" and selling his UK properties, Labour MP Chris Bryant told the House of Commons this week. Chelsea owner Roman Abramovich is selling the club, His loans to the club are thought to be around 1.5 billion ($2 billion, for issues around their academy recruitment. The rare comments came in a statement launching a new partnership backing the Jerusalem-based Holocaust museum. Russian banks are sanctioned, oligarchs are sanctioned, businesses from all over the world are pulling out of Russia - it's not going to be easy to do business with Abramovich. Anyone who wants to buy Chelsea has to register their interest with investment bank The Raine Group by March 15. We want to hear from you. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.. The women's team won a league-and-cup double this season. Chelsea have always previously said the club was not for sale but declined to comment on Wednesday. Why doesn't he just donate the money to charities such as the Red Cross? 8:42 AM EST, Thu March 10, 2022. Commonwealth Games baton route: where in England is 2022 relay today - map, dates, locations, how to see it, How much do female footballers get paid? Abramovich himself has not been sanctioned by the UK, according to the sanctions list website. "I can well imagine starting at Chelsea with partners. FILE: American businessman Todd Boehly applauds during the English Premier League soccer match between Chelsea and Wolverhampton at Stamford Bridge stadium, in London, Saturday, May 7, 2022. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.. Just because Roman Abramovich wants to sell Chelsea, it doesn't necessarily mean he is going to get his way - unless he has a quick buyer lined up. Powered and implemented byFactSet Digital Solutions. Your effort and contribution in providing this feedback is much The cash was splashed significantly in the first year of Abramovich's reign, with $162 million spent, a single-season high of $337 million in 2017-18, and $136 million in 2021-22. He bought the club in June that year from Ken Bates, who had himself bought the club in 1982. The United States Department of Justice is assembling a dedicated task force to go after the crimes of the Russian oligarchs. Copyright 2022 Sporting News Holdings Limited. Chelsea's Russian owner Roman Abramovich applauds as players celebrate their league title win at the end of the Premier League football match between Chelsea and Sunderland at Stamford Bridge in London on May 21, 2017. AP. ", He added that with the net proceeds from the sale he would be setting up a charitable foundation "for the benefit of all victims of the war in Ukraine [which] includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.". The Sun reports that Crystal Palace have joined the hunt for Marseille midfielder Boubacar Kamara. But Chelsea has no money. Chelsea have won two Champions League trophies including in 2021 and five English Premier League trophies since Abramovich took ownership of the club in 2003 after paying $233 million. Swiss billionaire Hansjrg Wyss wants to buy Chelsea, report says. Abramovich, who made his money in steel and investments, was tied for the 142nd richest person in the world with a net worth of $14.5 billion, the magazine estimated. Last November, the Chelsea owner was back in London at his English Premier League club to host the president of Israel. You will need to show proof of funds and sign a non-disclosure agreement. Sky Newshas learnt Abramovich's advisers at The Raine Group were expected to issue letters to prospective bidders on Wednesday, with a deadline set for indicative bids in mid-March. Earlier this week, Labour MP Chris Bryant used Parliamentary Privilege to also reveal Abramovich is selling his UK home and another flat, telling the House of Commons the Russian billionaire is "terrified of being sanctioned". Sources close to the process said as many as eight multi-billionaires were being sounded out about their appetite to buy the club at a time when Abramovich faces the possibility of being sanctioned by the UK Government after Russia's invasion of Ukraine. Russian and Chinese money has dried up and global stock markets have been tanking. Chelsea has been operating under a government license since Abramovich's assets were frozen in March. They had not signed off on the plan, though, and the vague proposal did not quell the anger that a man accused of being so closely linked to Russian President Vladimir Putin could retain the ownership of a high-profile status symbol in the heart of London. According to Forbes, the club was worth around 2.4 billion ($3.2 billion) in April 2021, but a KPMG valuation now suggests it is worth 1.5 billion ($2.1 billion). The 25-year-old Denmark international is out of contract at the end of season and free to discuss terms with clubs outside England. Raine is marketing the sale on behalf of Abramovich. Tuchel proud of Chelsea players but unhappy with fans for singing Abramovichs name. "You know, Chelsea owe him 2billion. "On Saturday, we saw him try to give up control of the club and hand it over to the Chelsea Foundation trustees. The 55-year-old, who has Israeli and Portuguese citizenship, became one of Russias most powerful businessmen by earning fabulous fortunes after the 1991 break-up of the Soviet Union. Were joining with European allies to find and seize their yachts, their luxury apartments, their private jets. Boehly also had to pledge to invest 1.75 billion pounds ($2.2 billion) in the coming years in the teams and infrastructure. The group was founded by Ken Bates, and is made up of more than 23,000 individual shares, with the purpose of protecting the future of Stamford Bridge while allowing supporters to own part of the football club itself. In hindsight, especially with the public profile it would bring me, maybe I would have thought differently about owning a club, Abramovich was quoted as telling Forbes a year before losing control of Chelsea. Get this delivered to your inbox, and more info about our products and services. You will need to spend something like another 1billion to redevelop Stamford Bridge (without owning the freehold) or build a new stadium and you will need to keep bankrolling the playing side if you want to carry on operating on the Abramovich business model. I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person, he said. Even merchandise stores had to close. In Tuesdays State of the Union speech, US President Joe Biden said: Tonight, I say to the Russian oligarchs and the corrupt leaders who built billions of dollars off this violent regime, no more. Spanish newspaper Marca reports that Real Madrid are gearing up for perhaps their most lavish transfer window yet. Who is the frontrunner to buy? Instead, Chelsea Pitch Owners PLC is the company that holds the freehold of Stamford Bridge and the name Chelsea FC. Having said that, Sky News has already reported that one 2.5billion offer has been rejected so there is definitely interest out there. Ultimately, though, the association with Putin that Abramovich spent so long trying to distance himself from cost him the ability to retain the ownership of Chelsea. Chelsea on Wednesday rallied to defeat Luton Town 3-2 in the fifth round of the FA Cup. Boehly's group has pledged to invest an additional 1.75 billion pounds, or $2.2 billion, in Chelsea's men's, women's, and academy teams and on infrastructure, such as the redevelopment of Stamford Bridge. "Abramovich himself has always said that he believes he has not done anything that warrants him being sanctioned by the UK Government, but for the first time in 19 years, it looks like Abramovich is willing to listen to offers for Chelsea. Chelseas owner Roman Abramovich is selling the club he bought 19 years ago, which he helped elevate to become a powerhouse in world football. Very little is known about Bayrak outside Turkey but he seems to want to raise his profile. He explained: "For the first time since Abramovich bought Chelsea 19 years ago, he's willing to listen to offers for the club. Standing by the bar in a small Stamford Bridge hospitality suite was a figure who had had not been spotted at the stadium in three years: Roman Abramovich. Discovery Company. Yad Vashems work in preserving the memory of the victims of the Holocaust, Abramovich said, is instrumental to ensure that future generations never forget what antisemitism, racism and hate can lead to if we dont speak out.. Players couldnt be handed new contracts. ", FAMILIES IN AFRICA BURDENED WITH HIGHER FOOD COSTS, HUNGER BECAUSE OF RUSSIA'S WAR ON UKRAINE. Transfer Centre LIVE! A Warner Bros. Surely, Mr. Abramovich should no longer be able to own a football club in this country? he added. The sanctions on Russian oligarchs with ties to President Vladimir Putin have shaken up the world of Jewish philanthropy. CNN Sans & 2016 Cable News Network. Since Moscows invasion of Ukraine, Britain has imposed sanctions on 12 members of the Russian and Belarusian elite, including Russian President Vladimir Putin, and at least 12 banks and companies. Funded by Abramovich's lavish investment, Chelsea's men's team won 21 trophies during his ownership, including the Champions League in 2012 and 2021, and is the reigning Club World Cup champion. Newcastle United were bought for 300m for a variety of reasons and one of them was the investment opportunity - the new owners think they can make them as big and successful as Chelsea one day. Chelsea soccer club owner Roman Abramovich attends the UEFA Women's Champions League final soccer match against FC Barcelona in Gothenburg, Sweden, May 16, 2021. Amid growing calls for Abramovich to be hit by sanctions after Russias invasion of its neighbour, the metals magnate said in a statement that a sale was in the best interests of the reigning European and world soccer champions. Abramovich wants to sell Chelsea to someone who will look after the club and protect his legacy and it is unknown whether McGregor will fit the profile of owner he is looking for at the moment. Were coming for you, ill-begotten gains.. Market data provided byFactset. It would turn out to be the 21st and last mens team trophy in 19 years running the team his wealth transformed from being glamorous but only occasionally competing for the biggest trophies, into one of the most successful in European football. Since buying Chelsea in 2003, Roman Abramovich has invested more than 1 billion ($1.4 billion). However, Sky Sports News' chief reporter Kaveh Solekhol does not believe the process to sell Chelsea will be an easy one. Abramovich to sell Chelsea; proceeds to Ukraine victims, Tuchel: Abramovich sale 'hasn't sunk in yet' | 'It's a massive change', Explained: Why Abramovich is selling Chelsea. (AP Photo/Martin Meissner, File / AP Newsroom). Roman Abramovichs house in Kensington Palace Gardens in London is up for sale. Roman Abramovich is believed to have paid around 140 million ($233 million at the time) for the club in 2003. That means net expenditures have been almost 1 billion ($1.3 billion). 2022 Cable News Network. You can also sign up to our newsletters and get a curated selection of our best reads to your inbox every day. New match tickets couldnt be sold by Chelsea. Shareholders also include current manager Thomas Tuchel and former boss Jose Mourinho. The Rickett family who own the Chicago Cubs are interested. They beat Brazilian side Palmeiras last month to become FIFA Club World Cup champions for the first time, having defeated Manchester City to become European champions last season. National World Publishing Ltd. All rights reserved. People who buy football clubs want what they like to call "a project" but Chelsea are already the world and European champions. Disasters Emergency Committee (DEC) charities and their local partners are in Ukraine and in neighbouring countries providing food, water, shelter and medical assistance. Even though he is a Manchester United fan, he could be more serious than most people think judging by what our colleagues at Sky News have reported in detail. "We are honored to become the new custodians of Chelsea Football Club," said Boehly, who attended some of the team's games in recent weeks. From a reputation point of view, as a business or an individual, do you want to get involved in bidding for Chelsea at the moment and spending billions on an asset owned by a Russian oligarch?