Chelsea owner Roman Abramovich is making global headlines in the wake of his decision to put the prominent English club up for sale amid speculation regarding his status in the UK given potential sanctions.
The 55-year-old has been notoriously secretive throughout his time at the helm of the Blues, hardly ever speaking publicly despite the high-profile nature of his club. Abramovich, instead, has chosen to let others speak for him over the years, with members of the board, managerial staff, and executive staff all taking a more public role.
Still, his influence in English and European football remains far-reaching, and his wealth and oversight has seen a massive rise in the fortunes of Chelsea and the Premier League as a whole.
Below is a primer on who Roman Abramovich is, his past at Chelsea, and why he’s pulling out of Chelsea, and potentially other UK investments.
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Who is Roman Abramovich?
Born in 1966 in Saratov, Russia, a major port city in the southwestern corner of the country, Abramovich is a Russian billionaire, most well-known for his role as owner of Premier League club Chelsea.
Abramovich has gained his wealth through various investments and is known for his ability to buy and sell both businesses and various assets for profit.
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The 55-year-old has made friends in high places during his career, most well-known for his friendships with former Russian president Boris Yeltsin and current president Vladimir Putin, though his camp has denied the connections to Putin in the past.
For a time, during Yeltsin’s presidency, Abramovich lived in an apartment inside the Kremlin at Yeltsin’s request. According to Richard Sakwa’s 2019 book The Crisis of Russian Democracy, it was Abramovich who first identified to Yeltsin that Putin should be his successor.
According to Forbes in 2019, Abramovich’s net worth was approximately $12.9 billion, making him the 11th richest person in Russia.
Abramovich has had his fair share of troubles over the years. In 2008, The Times reported that he paid billions of dollars in political bribes and protection fees in return for shares of Russia’s oil and aluminum assets, according to court documents.
He has also had run-ins with the Russian Antimonopoly Service, while his ownership stakes in various businesses in the steel, coal mining, and natural gas industries have seen Ambramovich clash with climate change groups.
When did Roman Abramovich buy Chelsea?
Roman Abramovich first took ownership of Chelsea FC in June of 2003. Through a 100 percent ownership stake in U.K.-based holding company Fordstam Limited, Abramovich purchased the club from Ken Bates, who in turn went on to buy Leeds United.
Since his takeover, Chelsea has won 18 trophies, including two Champions League titles, five Premier League championships, and most recently the 2022 Club World Cup.
Abramovich’s massive investment in the club has built Chelsea into a perennial world power, but it has come at a serious cost to the club. Chelsea is a monstrous $2 billion in debt to Abramovich, according to a report by Front Office Sports.
Reports vary, but the early consensus is that he’s seeking a minimum of $2.5 billion for the club though that figure has risen to $4 billion based on recent updates.
It’s great that he’s giving all the net proceeds of the sale to a charity some people are setting up for him. Might be worth noting that his asking price currently covers all the money he’s pumped in over the years.
— Rory Smith (@RorySmith) March 2, 2022
The Roman Abramovich era at Chelsea
During Abramovich’s reign, Chelsea has grown into a perennial European and world power in club football.
Since Abramovich took over the club in 2003, Chelsea has finished in the top four of the Premier League table in all but three seasons. In addition, the club has collected 18 major trophies during his ownership, including two Champions League titles.
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The Russian billionaire is known for his quick trigger finger when it comes to managers, with Chelsea sporting 14 different managers during his 19 years in charge (including one stint by Rafa Benitez and two by Guus Hiddink with the “interim” label). The longest tenured manager under Abramovich’s reign was Jose Mourinho, whose three seasons between 2004 and 2007 still represent the longest stretch for any manager with Abramovich as boss.
Over the past few weeks, Abramovich’s ownership of the club has come under increasing fire as the international community attempts to sanction Russia for its invasion of Ukraine. One step taken has been to sanction Russian oligarchs with influence and power at the Kremlin, of which Abramovich certainly qualifies.
He is yet to be targeted, though the rapid Chelsea sale reportedly being sought could be an indication that the freezing of his UK-based assets could be around the corner as the political pressure builds:
Boris Johnson has said it’s ‘not appropriate’ to comment on any potential sanctions for Chelsea owner Roman Abramovich, after being questioned by Sir Keir Starmer. pic.twitter.com/hb0VUNS4PR
— Sky Sports News (@SkySportsNews) March 2, 2022
Questions regarding the wartime situation and Abramovich’s involvement have begun to test the club, with manager Thomas Tuchel admitting the situation was “distracting” in late February before becoming increasingly frustrated with repeated questions during a press conference in early March.
“STOP asking me these questions. I’m not a politician!” ?
Thomas Tuchel loses it after being asked another question related to war & Roman Abramovich ?#CFC pic.twitter.com/K4mY34d1ub
— Hayters TV (@HaytersTV) March 1, 2022
Why is Roman Abramovich selling Chelsea?
With multiple reports of Abramovich looking to decrease his presence in western Europe with possible sanctions on the horizon, the Chelsea owner has decided to sell the club “in the best interest of the club, the fans, the employees, as well as the club’s sponsors and partners.”
Abramovich initially attempted to distance the club from his issues in late February when he announced he would hand “custody and care” of the club over to the Chelsea Foundation’s trustees, but the brief and vague statement only raised more questions than it answered. And the trustees were not necessarily willing to take on that responsibility.
Just days later he announced he was selling and despite the hefty price tag, there are willing bidders, who are being asked to submit their offers in short order.
Prospective owners of Chelsea have been told to have “indicative bids” ready by Friday. Raine Group, a New York based merchant bank, is running the sale for Roman Abramovich. He wants out, and he wants out quick. https://t.co/OxSXZuZzUw
— Rory Smith (@RorySmith) March 2, 2022
Full report on one of the most dramatic days in Chelsea’s history with @SamWallaceTel #cfc
– Abramovich confirms our story that club for sale
– Wyss and Boehly team up to prepare bid
– Offers expected this week, but mid-March deadline
– More detailshttps://t.co/Sydb1wchJS— Matt Law (@Matt_Law_DT) March 2, 2022
It remains to be seen whether Abramovich will get the price he’s looking for, or whether he’ll settle for one of the offers with the goal of executing a quick sale.
According to the most recent Forbes valuation, Chelsea was worth $3.2 billion in 2021, up from $760 million back in 2012.
Will Roman Abramovich be sanctioned?
Abramovich has not to this point been sanctioned by the U.S. or U.K. government, at least based on information that has been publicly shared. However, this scenario could be on the horizon.
Not only has Abramovich taken steps to sell Chelsea, but he is also looking to sell his UK properties, according to one UK government official.
The moves indicate Abramovich could be looking to quickly depart from the country and escape potential losses of significant holdings should his assets be frozen in the near future.
“He [Abramovich] is terrified of being sanctioned,” said the aforementioned UK government official, Labour MP Chris Bryant.
The UK government announced a list of “120 businesses and oligarchs” that are the target of new financial restrictions triggered as part of massive sanctions in response to Russia’s invasion of Ukraine.
However, according to UK reports, only a few individuals have to this point seen sanctions actually enacted against them, with most of those on the list yet to be formally targeted.
“Roman Abramovich is not sanctioned… his children are not in the bombardments, his children are there in London”
Ukrainian activist Daria Kaleniuk singles out Chelsea’s oligarch owner as she confronts Boris Johnson https://t.co/v8op5IlmMN pic.twitter.com/pkCSe4TKO3
— Bloomberg UK (@BloombergUK) March 1, 2022
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