Russian oligarch Roman Abramovich gives up control of London's Chelsea Football Club

[LetMyPeopleVote]

Link to tweet

[PatSeg]

1. K&R

[Cha]

2. "This might not look like it but it's a real holy shit event"

Link to tweet

Rt TY!
💙

[BComplex]

3. I think it's a move of convenience. I don't think it means much at that level of control.

It won't last.

[OnDoutside]

4. Only temporary while the heat is on, unfortunately. They should

strip him of all his ill-gotten assets

[crickets]

5. He'll be back when the coast is clear.

Note he doesn't actually give up ownership at all.

https://www.espn.com/soccer/chelsea-engchelsea/story/4603858/chelsea-owner-abramovich-says-he-is-giving-trustees-of-the-club-charitable-foundation-stewardship-and-care-of-the-club

Chelsea owner Roman Abramovich suddenly handed over the "stewardship and care" of the Premier League club to its charitable foundation trustees Saturday.

The move came after a member of the British Parliament called for the Russian billionaire to hand over the club in the wake of Russia's invasion of Ukraine.

Abramovich, who has owned Chelsea since 2003, made no mention of the war in Ukraine in his statement and, significantly, is not relinquishing ownership of the club and can still provide funds, presuming he is not sanctioned by the U.K. government. Sources have told ESPN that Abramovich has no intention of calling in his loans to the club.

Forbes, no paywall:
Roman Abramovich Has Sanction Insurance: A $2 Billion Loan To Chelsea FC
https://archive.ph/XJOqS

As pressure mounts to punish oligarchs for Russian President Vladimir Putin’s invasion of Ukraine, Roman Abramovich has a multibillion-dollar insurance policy should the U.K. come after his assets: his beloved Chelsea FC.

The club Abramovich bought for around $190 million in 2003, loved, nurtured and built into the 2021 UEFA Champions League winner was valued by Forbes at $3.2 billion last year. It owes the Russian billionaire, its majority owner, a staggering $2 billion.

Kieran Maguire, a soccer-finance lecturer at the University of Liverpool, says it gives Abramovich no shortage of leverage in the U.K., depending on how deep sanctions might go. The worst-case scenario for Chelsea fans is now on the table. “If he wants to get his own back, he could call in the loan from Chelsea,” Maguire says. “That means Chelsea goes out of business, and Putin will be able to say, ‘Well, you started it.’”