It was announced that Abramovich selling Chelsea Football Club after 19 years of purchasing it. He made a promise to contribute money from the sale to assist Ukrainians who were harmed by the war. After calls for Abramovich, who is a Russian oligarch, to be subjected to sanctions after Russia’s invasion of Ukraine. An oligarch is someone who has made his or her money through privatization, which occurred during the collapse of the Soviet Union and the privatization of its many previously state-owned resources, such as oil, gas, timber, steel, and a variety of other industries and manufacturing. The 55-year-old stated in a statement that a sale was in the team’s best interests.
Russia-Ukraine War: Why is Abramovich selling Chelsea?
Abramovich in a statement published on Chelsea’s website said that:
“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.”
After Abramovich selling Chelsea, he stated that he would not request the repayment of funds, estimated to be worth $1.5 billion, given to the club. He also said that he had instructed his staff to establish a charitable foundation that would receive all net proceeds from the sale.
“The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery. Please know that this has been an incredibly difficult decision to make, and it pains me to part with the Club in this manner. However, I do believe this is in the best interest of the Club.”
Swiss billionaire Hansjoerg Wyss said earlier that he is interested in buying the club, but not on his own. Wyss said in an interview published on Wednesday that:
“Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now. I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich.”
Roman Abramovich purchased the West London club in 2003 and his financial backing has helped the team achieve its greatest levels of success, winning five Premier League titles, five FA Cups, and the Champions League title twice.
Abramovich, who has Israeli and Portuguese citizenship, rose to become one of Russia’s most powerful entrepreneurs by amassing a huge fortune after the Soviet Union’s dissolution in 1991. His net worth is estimated at $13.3 billion.
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Russia-Ukraine conflict summary
The conflict began in February 2014, when Russia and pro-Russian forces attacked Ukraine, primarily over the status of Crimea and parts of the Donbas. The war’s major focus has been on the status of Crimea and other disputed territories that are widely regarded as part of Ukraine by international law.
Russian military buildup on Ukraine’s border has exacerbated tensions between the two countries and strained bilateral ties during 2021-22, with the United States delivering a strong message that an invasion would be met with severe consequences for Russia’s economy.
“I believe it is necessary to take a long-overdue decision, to immediately recognize the independence and sovereignty of the Donetsk People’s Republic and the Lugansk People’s Republic”
– Vladimir Putin
Analysts believe that this could be the start of a larger conflict in Ukraine, and many officials are labeling the action an assault on Ukraine’s independence.
Ukraine is a country in Eastern Europe. It is the second-largest country in Europe by size, after Russia, which borders to the east and northeast. The current population of Ukraine is 43,301,680 as of Thursday, February 24, 2022.