Status: 04/02/2022 10:46 a.m
The London football club Chelsea is for sale – its previous owner Abramovich cannot keep it because of sanctions in connection with the Ukraine war. Whoever it goes to: The club will be different.
Many Chelsea Football Club fans have a good opinion of Roman Abramovich, their current owner. For almost 20 years, the Russian oligarch, who always gives the impression in public appearances that he would like to hide behind the nearest tree, worked in the London club. He was never close to the fans, but what he did shines visibly for them. Chelsea have won every trophy under him: Championship, Champions League, most recently the Club World Cup. 21 titles in total.
Two images that don’t go together
When asked, most supporters also praise Abramovich’s social commitment in the district. He has upgraded the community, helped children and young people, one hears from many mouths who wear blue scarves and jerseys of the “Blues” to games. In fact, Abramovich has been organizing a number of social projects for everyone in the neighborhood for years. Not just football, but also campaigns for children’s mental health, for example, help for the socially disadvantaged or support with education. It can be heard that he was not only interested in the best players, but also in them in the district.
It’s a very different picture of Roman Abramovich than that of the sanctioned Russian oligarch with “blood on his hands,” as some politicians put it. The investigative BBC program “Panorama” recently presented evidence that shows how Abramovich got his wealth: according to the BBC, with criminal activities. The program also backed up his close ties with Putin, a much-quoted fact, with evidence.
The British government is tough
Abramovich has always denied any connection to the Russian ruler. The British government has no doubts about that, and that’s why Abramovich’s Chelsea are only allowed to play with a special license. Player transfers are prohibited. Only the ban on selling tickets has recently been partially lifted. What Chelsea fans find unfair because they feel they are being punished is a result of the government’s tough stance on Russian oligarchs. Chelsea’s owner should not be able to do business, make no money.
To keep the club from collapsing, a sale is the only solution. Roman Abramovich announced this before the sanctions; he must have seen her coming. But it is also the prime objective of the British government. Football is a cultural asset, destroying a club because of sanctions is not in the interests of those responsible for politics.
Expected proceeds of up to three billion euros
So there are a few exciting questions. So far, everyone assumes that Roman Abramovich will stick to his sales intentions, even if the conditions have changed. Because according to the government, he can’t get a penny from it. Between two and three billion euros are in the room. He also has to write off a loan of 1.8 billion euros that Abramovich gave the club. Does he accept? So far he has not commented. The question of who ultimately receives the money is also open.
On the other hand, it seems clear to the fans of Chelsea FC that the club will be different in the future. The prospective buyers are not individuals, they are consortia. There has to be something in it for them too. The Raine Group, an American commercial bank, has been commissioned with the sale. It drives processing at high speed. According to industry experts, six months would be normal; but the aim is to be able to hand Chelsea over to new owners within half that time – before the end of the Premier League season at the end of May.
It is still unclear whether the team is threatened with numerous departures, as contracts cannot be concluded at the moment. From a large number of interested parties, the Raine Group has now selected four candidates who are to submit binding and final offers by April 11th. The commitment also includes setting aside £1.3bn for future investment in the team and the stadium. What happens to the district projects that are so important to the fans is questionable.
Mood of the fans as a factor
According to the British Times, Chelsea plans to present a buyer to the British government on April 18 for approval. It needs it under the applicable sanctions. According to media reports, the final group includes wealthy individuals who are familiar with sports clubs and who have organized further investors for the takeover. The Ricketts family owns the Chicago Cubs baseball team, while Todd Boehly is a co-owner of the LA Dodgers. He was joined by the Swiss Hansjörg Wyss. Martin Broughton chaired British Airways and Liverpool FC. Stephen Pagliuca is co-owner of basketball team Bolton Celtics and Italian football club Atalanta. London real estate developer and Chelsea fan Nick Candy is also said to have hopes of winning the deal.
Interested parties are invited to get an idea of the club in London. This includes insights into the economic figures and discussions with those responsible, presumably also with the German coach Thomas Tuchel. But it will also include making offers to the fans. The mood there appears to be a not insignificant factor. Because the club also decides who should succeed Roman Abramowitsch. And there you know what the fans have appreciated in the past year.