Chelsea's Russian owner puts club up for sale

The billionaire owner of one of the world's top soccer clubs has put it up for sale, apparently as a direct result of the situation in Ukraine.

Roman Abramovich, the Russian oligarch who owns English Premier League (EPL) side Chelsea Football Club, said in a statement posted on the club's website he will also write off around 1.5 billion pounds ($2 billion) in debts the club owes him.

He said he will give the net proceeds of the sale, which experts say could amount to 3 billion pounds, to "victims of the war in Ukraine".

Some sections of the United Kingdom media have claimed Abramovich has strong secret links to Russia's President Vladimir Putin, something he has always denied. They say Abramovich was, therefore, worried about possible sanctions being imposed against him that would have frozen his British assets.

Abramovich made no mention of such concerns in his statement, saying: "I have always taken decisions with the club's best interest at heart. In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club's sponsors and partners."

He said the transaction will not be "fast-tracked" but "follow due process".

"I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated," he added. "The foundation will be for the benefit of all victims of the war in Ukraine."

He said the foundation will help with "the urgent and immediate needs of victims, as well as supporting the long-term work of recovery".

Abramovich bought Chelsea in 2003 for 140 million pounds and has since financed its spectacular evolution under 13 different managers into a team that has twice won the UEFA Champions League, secured the EPL title five times, the FA Cup five times, and the Europa League title twice. In February, Chelsea won its first Club World Cup.

While the UK government has not yet imposed any sanctions on Abramovich, it has frozen the assets of several other super-rich Russians and enterprises that it claims have close ties to Putin, as part of the nation's response to Russia's military activities in Ukraine.

Chris Bryant, a member of Parliament for the opposition Labour Party, claimed in the UK Parliament on Wednesday Abramovich is "terrified of being sanctioned" and is selling other assets, including homes.

The Guardian newspaper said Abramovich had "bowed to growing pressure" to sell Chelsea after mounting calls, including from Labour leader Keir Starmer, for him to face sanctions.

The paper said there has already been strong interest in the club from potential buyers, who have been asked to make formal bids by March 15.