Nineteen years. Twenty major finals. Thirteen managers. Five Premier Leagues. Five FA Cups. Two Champions Leagues. Two Europa Leagues. Two League Cups. An estimated £1.5 billion worth of investment. The Roman Abramovic reign at Chelsea is coming to an end.
Roman Abramovic announced yesterday that he intends to sell Chelsea almost 20 years after he bought it for $140 million.
In the wake of Russia’s invasion of Ukraine, England is suddenly a hostile place for an oligarch. Russian assets are now the subject of sanctions worldwide and Roman Abramovic is jumping ship.
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Abramovic paved the way for billionaire and nation state ownership of Premier League clubs. If he had attempted to buy Chelsea today, there would have been more scrutiny of his intentions.
However, the trophies kept coming to Stamford Bridge. Managers and star players kept coming and going. Startling amounts of money kept being spent. All the while Abramovic vehemently denied allegations of links to the Kremlin and illicit activities.
It was soft power and sports washing before we had the vocabulary to describe such things. Given the circumstances of his departure, the fact he made Chelsea the most successful team in England will have to be viewed in a new light.
He is accused of alleged money laundering, contacts with criminal organisations and managing President Putin’s private economic affairs.
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Abramovic has stated that the net proceeds from the sale of Chelsea will go towards aid in Ukraine. However, he still denies ties to Putin and crucially, has not condemned the invasion.
Amid the fog of world-altering events, a football team in London is squinting into the distance. Chelsea, or any other club, actually, will never enjoy such continuous financial backing ever again. With a $187m wage bill, whoever buys Chelsea is going to have to think about how to make it work. There are few individuals who will be able to take that on.
Chelsea are a massive club now, so they won’t crumble but what form they take going forward is anybody’s guess at this point.
