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.
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.