The Impact of the Russia-Ukraine War on Roman Abramovich and Chelsea: From Ownership to Financial Losses

Global contexts also impact football and this was the case of the war between Russia and Ukraine, which broke out on February 24, 2022. In a few months, the Russian magnate Roman Abramovich, a businessman linked to football, had to sell Chelsea for his links with Vladimir Putin.

Abramovich owned the English club between July 2003 and May 2022, after having acquired it in exchange for 164 million euros. For almost two decades, he knew how to place the Blues as one of the most important teams in England and Europe.

Under his administration, Chelsea won 5 Premier League (04/05, 05/06, 09/10, 14/15 and 16/17), 5 FA Cup (06/07, 08/09, 09/10, 11/12 and 17/18), 3 Carabao Cup (04/05, 06/07 and 14/15), 2 Community Shield (2005 and 2009), 2 Champions League (11/12 and 20/21), 2 Europa League (12 /13 and 18/19), 1 European Super Cup (2021) and 1 Club World Cup (2021).

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In this way, he faced the most successful cycle in the team’s history. Chelsea was not the only beneficiary, since he also amassed a significant fortune that allowed him to invest in companies, properties and luxury vehicles, in addition to the world of football. However, the war hit his property hard.

Roman Abramovic is indicated as one of the Russian oligarchs who has a close political and commercial relationship with Vladimir Putin. In fact, this year it was learned that the magnate paid for an apartment that the Russian president gave to his English teacher.

Vladimir Putin and Roman Abramovic have a very close relationship.

As a result of the invasion, the United Kingdom included his name on a sanctions list, since the Russian tycoon has ties to the country’s president, Putin. In that context, he had to get rid of the club, which ended up being acquired by Todd Lawrence Boehly for $3.2 billion.

Those sanctions include the freezing of his assets in the country, whether money in bank accounts or his properties, which he cannot part with until the dispute is resolved. For this reason, Abramovich saw his assets reduced by 41.6% during 2022, according to Bloomberg, which left him with an estimated 10.5 billion euros.

In addition to the United Kingdom, the country where he had his home, Abramovich received more sanctions in the United States, Great Britain, the European Union and Canada. This left him with few options to move to a new destination, until he finally chose Turkey, a country that does not apply penalties to Russia. The tycoon has already settled in his new country and even brought a fleet of four yachts there, whose value is estimated at 1.2 billion dollars.

Roman Abramovich could invest in football again

Abramovich takes advantage of his days in Istanbul, where he usually goes to a specific cafe before taking a ride on his yachts. As for his work life, it was rumored that he intended to invest in football again by acquiring a team from Turkey, although there was nothing official yet.

The United Kingdom sanction also fell on Chelsea, which could not buy or sell players, which ended up causing the sale of the club. (Photo: Chelsea FC).

In recent months it was speculated that the chosen club was Goztepe of the Turkish Super League, although the vice president came out to deny it: “There is no contact with Roman Abramovich. Everything is a lie, the rumors that there is a relationship between our president and Goztepe. “Abramovich did not approach or speak to anyone to take over the club.”

On the other hand, a publication by The Guardian claimed that the tycoon was secretly investing in the Dutch club Vitesse. However, this was also denied by members of the leadership.

Read also: Chelsea, in crisis: the players had to pay for fuel for the squad transfers

The truth is that Roman Abramovich will seek to recover his fortune and is in litigation so that the countries that acted against him lift their sanctions. Meanwhile, he maintains his 87% stake in the Evraz steel group, although shares plummeted amid the war.

Furthermore, before the hardships became known, he managed to transfer 10 trusts that belonged to him and they now passed into the hands of his children. It is estimated that in this way he managed to save some 4,000 million dollars.

The former Chelsea owner has citizenship of Israel and Portugal in addition to Russia. Even after sanctions, he ranks as the second-richest person in Israel, the richest in Portugal and the 11th richest in Russia. Despite these numbers, he will not retire and will continue to invest. Thus, football is once again among his possibilities.

2023-10-28 18:04:56
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