Terrified Russian Oligarch Billionaire Roman Abramovic Selling Chelsea FC 3 Billion

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Roman Abramovich, the Russian oligarch whose vast fortune transformed Chelsea into a global soccer powerhouse, confirmed Wednesday that he is actively seeking to sell the team. He has set a deadline of Friday for interested parties to submit “indicative offers” for the club he has owned for almost two decades, and is said to be seeking at least $2.5 billion for the club.

Britain this week proposed new legislation targeting wealthy Russians like Abramovich, many of whom amassed their fortunes through cronyism or ties to Russia’s president, Vladimir V. Putin, and then shielded it overseas behind shell companies and opaque investment deals.

Roman's announcement on Saturday that he intended to hand the “care” of Chelsea to the trustees of its charitable arm indicated that he was sufficiently worried by the prospect of the freezing of his assets in Britain to try to limit its impact on the club. The move was so surprising to those trustees that several are believed to have expressed their concerns to the Charity Commission, Britain’s charity regulator, which confirmed that it had opened a “serious incident report” in the aftermath of Abramovich’s unilateral announcement.

Abramovich is under pressure to sell because should the U.K. government sanction him, Chelsea could be seized as an asset. He would be unable to put any funds into the club, and any sale would become extremely complicated.

It is told that Abramovich is seeking around £3 billion ($2.24 billion) for the Blues, but his ability to negotiate is severely hampered by the timing of his decision, apparently influenced by mounting pressure on the U.K. government to seize the assets of high-value Russian individuals with links to Russia president Vladimir Putin's regime following the country's invasion of Ukraine.

Abramovich has always strenuously denied any ties to Putin, but Labour party leader Sir Keir Starmer publicly called on the government to impose sanctions on the Chelsea owner at Wednesday's session of Prime Minister's Questions.

Abramovich announced his intention to donate profits of any sale to victims of the Ukraine conflict.

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