LONDON (AP) — Roman Abramovich has symbolically reduced his involvement in the affairs of Chelsea, the English club he owns.
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The Russian tycoon appeared to distance himself from the team’s decision-making process on Saturday, faced with demands that he relinquish control of the Premier League club entirely following Russia’s invasion of Ukraine.
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The billionaire is one of Russia’s best-known oligarchs. In the past, his ties to President Vladimir Putin, who now faces global condemnation for launching the unprovoked attack on a neighboring country, have been made clear.
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There is no indication that Abramovich is paving the way for a sale of the club he has transformed since 2003 with his fortune. However, a carefully worded statement indicated that the businessman will relinquish some control.
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“I have always made decisions considering the interests of the club,” he said. “I remain committed to those values. That is why today I entrust the management and care of Chelsea FC to the Chelsea Charitable Foundation Trust.”
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“I think at the moment they are in the best position to look after the interests of the club, players, staff and fans.”
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The foundation is chaired by Bruce Buck, who is also in charge of the club’s board of directors. Buck took over after Abramovich purchased the team’s stock.
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Paul Ramos, finance director, is also among the trustees, as is Emma Hayes, who is in charge of the women’s team.
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There was no indication that this change would be made at Stamford Bridge before the attack on Ukraine. Various politicians have spearheaded demands that Abramovich relinquish ownership of the team.
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Abramovich had already ceded significant control to director Marina Granovskaia over several crucial matters, including player transfers as well as the hiring and firing of coaches.
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No announcement has emerged as to whether Abramovich would be subject to Britain’s sanctions against the Russians. Abramovich amassed his fortune in oil and aluminum during the chaotic years that followed the collapse of the Soviet Union in 1991.
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Part of that fortune was used by Abramovich, a fervent soccer fan, to seek the prestige and status that come with sporting success, through the acquisition of Chelsea.
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Since 2003, he has invested more than $2 billion in loans and transformed the west London club into one of the most successful in England. Earlier this month, the Blues won the Club World Cup, adding that trophy to the one they had won last year in the Champions League.
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“During the nearly 20 years that I have owned Chelsea FC, I have always viewed my role as a custodian of the team whose job it is to ensure that we are as successful as we can be now while building for the future and playing a positive role in communities.” said the tycoon.
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Abramovich was a provincial governor of Russia. He has dual citizenship, Russian and Israeli. His net worth is estimated at $13 billion.
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He has not had a UK visa since 2018 after the application process for a renewal took longer than normal and it was withdrawn. This came at a time when the UK promised a review of visas for Russian tycoons following the poisoning of former Russian spy Sergei Skripal and his daughter in London.
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