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Russian Oligarch To Sell Chelsea F.C., Donate Proceeds To Help Victims In Ukraine | Forbes
Posted
March 3, 2022
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March 3, 2022
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1:27Now PlayingRoman Abramovich said Wednesday he is selling his English soccer team Chelsea FC and will donate all net proceeds to victims of Russia’s war in Ukraine, ending his nearly 20-year ownership of the club amid political pressure for the British government to sanction Russian billionaires.
Abramovich said in a statement he has asked the team to establish a charitable foundation, where he will donate all net proceeds of the sale “for the benefit of all victims of the war in Ukraine.”
His announcement follows an attempt to shield his ownership of the club by handing control of it to the team’s charitable foundation over the weekend, which did not stop multiple members of Parliament from calling for sanctions against Abramovich.
U.K. Prime Minister Boris Johnson levied sanctions against Russian banks, members of Putin’s inner circle and other wealthy Russians who keep their wealth in the country last week after Russian President Vladimir Putin launched an invasion of Ukraine. Abramovich’s Saturday announcement that he would give control of Chelsea to the team’s charitable foundation came after Chris Bryant, a member of Parliament, said Abramovich shouldn’t be allowed to own a soccer club in the U.K. amid the Russian invasion of Ukraine, and after other members of Parliament called for Abramovich himself to be sanctioned. MP Keir Starmer asked Johnson “why on earth” he has not moved to levy sanctions against the billionaire on Wednesday.
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