In almost 20 years as Chelsea FC owner, Roman Abramovich has never justified a decision. Not even now, when he spectacularly announced on Saturday evening on the club page that he would transfer “responsibility and care” for the club “to the trustees of the charitable Chelsea Foundation” with immediate effect. The communication initiated by Abramovich in the first person, without salutation, greeting and signature (“Statement from Club Owner Roman Abramovich”) is like a bang – like his entry in the summer of 2003.
Back then, the Russian oligarch, who is as well known for his silence as for the billions in wealth he built up in the oil, gas and aluminum industries, became the first super-rich to buy into the Premier League. With an unprecedented level of investment, Abramovich fundamentally changed the balance of European football – and that could now be the case again with his retirement.
His declaration of intent comes across as a direct response to the Russian army’s invasion of Ukraine — and Labor MP Chris Bryant’s push on Thursday — because of its timing. Bryant called on the British government around Prime Minister Boris Johnson to freeze the assets of the Russian oligarch and with it the shares in Chelsea, the current world and European champions of club football. Bryant relied on a document he pierced in which Parliament classified Abramovich as a “person of interest” in 2019: because of publicly suspected links to “corrupt activities and practices” and alleged collusion with the Russian state, particularly with President Vladimir Putin.
So far, the oil baron has denied any allegations that would justify such drastic sanctions. The extent to which Abramovich, who has been at loggerheads with the UK government since his visa dispute four years ago, could be affected by the punitive measures currently being taken in Britain against the Russian state and its elite is hard to predict given the ongoing invasion of Ukraine forecast.
Abramovich has maneuvered himself into a starting position that is likely to make state intervention more difficult
In his cryptic statement, Abramovich himself only revealed that he had always acted as “the club’s best interest guardian” for Chelsea. He feels committed to “these values” – although it is not clear which values he meant by that. Abramovich, 55, who has Russian, Israeli and Portuguese citizenship, does not say a word about the military strike carried out by Russia. Only his daughter, Sofia Abramovich, commented on social media. The 27-year-old posted an image that doesn’t blame “Russia” for the clashes with Ukraine, but only “Putin”: “The biggest and most successful lie in Kremlin propaganda is that most Russians are on Putin’s side. ” In addition, the likeness of the despot is crossed out.
Coach Thomas Tuchel has openly explained how stressful the situation is for him and the team.
(Photo: Nick Potts/dpa)
With the assurance that he will no longer interfere in Chelsea’s strategic affairs for the time being, Abramovich appears to be pursuing a strategy of establishing a buffer zone between himself and the club. This could make sense for several reasons: He wants to distance the club from Russia’s warlike activities before the eagerly awaited League Cup final against Liverpool on Sunday (5:30 p.m.). And he’s already taking precautions should the British government really plan to confiscate his club shares.
Such a scenario would pose significant financial problems for Chelsea, which is heavily dependent on Abramovich. By symbolically suspending his influence in the club, Abramovich has probably maneuvered himself into a clever legal starting position that should make state intervention more difficult without him having to fear a significant disadvantage himself.
Despite his powers being put on hold, Abramovich remains the sole owner of Chelsea and, contrary to some speculation, is said to be unwilling to consider selling the club. In the highly complicated corporate network, Abramovich controls the club through the parent company Fordstam, which he owns. Abramowitsch has meanwhile smuggled almost two billion euros into the club as equity via this company. Fordstam, in turn, gets the funds on the basis of interest-free loans from the British Virgin Islands-registered company Camberley International Investments, another of Abramovich’s investment vehicles. As a result, Chelsea can initially call itself debt-free – because Abramovich would have to repay the loans due himself, for example by selling the club, which costs around two billion euros.
For now, the six-member board of trustees, led by chairman Bruce Buck, will manage Abramovich’s duties, with the American also serving as the club’s chief executive. In addition to club director Marina Granovskaia, Buck, 75, is one of Abramovich’s closest confidants: As a renowned lawyer, he once completed the club takeover for him. The sporting everyday business around the professional team remains with Granovskaia.
Coach Tuchel indicates how stressful the matter is for the team
Coach Thomas Tuchel indicated at the press conference on Friday how stressful the Chelsea debates on the island are for the employees working there. In a balancing act that was difficult to master, the German tried to protect his own interests – but also those of his superior Abramovich. Without ultimately positioning himself clearly, Tuchel admitted that he could “understand” the public criticism of the club structures and that the situation brought with it “great uncertainty”. “We shouldn’t pretend that this isn’t an issue,” said Tuchel: “The situation for me, my staff and the players is terrible.”
There were touching expressions of solidarity with Ukraine in the Premier League on Saturday. In the game between Everton FC and Manchester City (0:1), the players ran onto the pitch with shirts and flags of the country, Everton’s Vitaliy Mykolenko and City’s Oleksandr Zinchenko, both Ukrainian internationals, hugged each other with tears in their eyes at the halfway line . The players from Manchester United and Watford FC (0-0) held up a peace poster in front of the cameras before kick-off. United manager Ralf Rangnick, who came up with the idea for the campaign, wore a “No War” badge on his coat.
Politician Bryant would have wished for this clear attitude from Chelsea. After his attack on Roman Abramovich during the week, he now commented on his withdrawal: “Good. Now he can condemn the illegal invasion.”