Abramovich put Chelsea up for sale after the invasion of Ukraine before the British government imposed sanctions on him, effectively handing him control of the club.

Roman Abramovich handed over a company to a director of Chelsea, the Premier League club he owns, on the day of the Russian invasion of Ukraine, Reuters reported. This was the second time the businessman moved assets to an employee before the UK and EU imposed sanctions on him over his alleged ties to Russian President Vladimir Putin.

Abramovich put Chelsea up for sale after the invasion of Ukraine before the British government imposed sanctions on him, effectively handing him control of the club. The government froze his assets and banned him from traveling to the country. Although the government has granted Chelsea a special license to continue playing due to its status as a “significant cultural asset”, Abramovich will not be able to make a profit from the club. Chelsea are also not allowed to sell matchday tickets, sign new contracts, preventing it from recruiting players during the summer transfer market.

Since then, several interested parties have expressed their willingness to buy the club. According to a Reuters report, three official bids have been submitted for the club before Friday’s deadline.

Also read | Chelsea blues: Five first-teamers leave, sponsorship deal with sanctions against Roman Abramovich

The Raine Group, the US bank that oversees the sale process before the sanctions were imposed, has received a £2 billion offer from a consortium of South Korean companies C&P Sports and Hana Financial Group and British businessman and Chelsea fan Nick candy. The consortium also includes Silicon Valley investors and tech billionaires with shares in US sports teams.

The Ricketts family, owners of the American baseball franchise the Chicago Cubs, also bid for Chelsea, in partnership with Ken Griffin, the founder of Citadel.

Martin Broughton, former chairman of British Airways, chairman of World Athletics and UK MP Lord Sebastian Coe have also made a joint offer.

Also read | Russia-Ukraine war: Chelsea sales halted after UK sanctions owner Roman Abramovich

The Raine Group is expected to confirm more bidders in the coming days. Swiss billionaire Hansjoerg Wyss has also made an offer for Chelsea in partnership with LA Dodgers co-owner Todd Boehly, conservative party colleague Daniel Finkelstein and British businessman Jonathan Goldstein, reports say.


This post What did Roman Abramovich do on the day of the Russian invasion of Ukraine? Sensational ‘Chelsea’ twist puts billionaire in his place was original published at “https://www.financialexpress.com/sports/what-was-roman-abramovich-doing-on-day-of-russias-ukraine-invasion-sensational-chelsea-twist-puts-billionaire-in-spot/2465239/”

LEAVE A REPLY

Please enter your comment!
Please enter your name here