• Loading stock data...
Sunday, April 21, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

Chelsea Owner Hands Over Stewardship of Team

  • Chelsea owner Roman Abramovich has handed over stewardship of the team to its charitable foundation.
  • The club owes him $2 billion.
Chelsea FC/Design: Alex Brooks

Chelsea F.C. owner Roman Abramovich is handing over control of the team amid a very delicate time regarding his role in the Premier League.

Abramovich said on Saturday that he will give stewardship of Chelsea to its charitable foundation.

“I believe that currently they are in the best position to look after the interests of the Club, players, staff, and fans,” Abramovich wrote.

  • The billionaire steel magnate has ties to the Russian government, which have led many, including Member of Parliament Chris Bryant, to call for his ouster as Chelsea owner due to Russia’s ongoing invasion of Ukraine.
  • The club owes Abramovich around $2 billion. There has been speculation that he could call in the loan if government actors attempt to wrest control of the team from him. 
  • Abramovich’s net worth is an estimated $13.3 billion, per Forbes.
  • The club’s financial situation will reportedly not change.

Abramovich is not currently on the U.K.’s sanction list.

Playing Diplomat

A spokesperson for Abramovich said that the owner accepted an outreach from Ukraine to help negotiate an end to Russia’s assault.

Talks between the two sides began on Monday. Neither side has commented on the details of Abramovich’s role due to the sensitive nature of the situation.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Rockies Coach’s Team Plane Cockpit Visit Triggers Federal Investigation

A since-deleted video shows him sitting in the cockpit mid-flight.

Wrexham, Leverkusen Write Hollywood Stories

The guaranteed payoff for Wrexham is modest but still significant.

Former Tottenham Owner Avoids Jail Time in ‘Brazen’ Insider Trading Case

Joe Lewis gets three years’ probation and a $5 million fine.

A’s Reach Deal to Leave Oakland for Sacramento After This Year

The A’s will play in a minor league park starting in 2025.
podcast thumbnail mobile
Front Office Sports Today

Why Ian Rapoport Lives for the NFL Draft’s Chaos

0:00
0:00

Featured Today

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
April 20, 2024

A Bare-Knuckle Fighter Won His Pro Debut. The Far Right Scored a Marketing Win

With Proud Boys sponsoring him, experts say extremist groups will use his success to elevate their ideologies and recruit new believers.
April 7, 2024

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

‘Baseless Corporate Conspiracy’: Hedge Fund Heats Up Feud Between NBA Owners

The Mat Ishbia–Dan Gilbert feud has exploded into view this week.
March 14, 2024

Chiefs’ President Threatens Team Could Leave Kansas City If Voters Don’t Give It Money

The Hunt family’s cheapness continues to show after Super Bowl title.
March 25, 2024

Tony Clark Appears to Be Winning Fight Over Baseball’s Union

Some players had recently called for the removal of Clark’s top negotiator.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
IRS
February 15, 2024

IRS to Start Auditing Sports Owners

Audit increase comes with the agency’s increased enforcement budget.
Theo Epstein
February 2, 2024

Theo Epstein Returns Home, Joins Fenway Sports Group

The 50-year-old will serve as a senior adviser to the ownership group.
January 24, 2024

Former Tottenham Owner Pleads Guilty to Insider Trading Charges

Tottenham is worth $2.8 billion and owned by Lewis’s family trust.
Mark Cuban and Dallas Mavericks.
November 28, 2023

Adelson Family Freed Up $2B To Reportedly Buy Stake In Dallas Mavericks

Miriam Adelson is selling a portion of her Las Vegas Sands Corp stock.