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LONDON: With the threat of financial sanctions looming, Chelsea’s Russian owner Roman Abramovich confirmed Wednesday he is trying to sell the Premier League club he turned into an elite trophy-winning machine with his lavish investment. The speed of Abramovich’s pending exit from Chelsea is striking as he was trying to instigate a plan this past weekend to relinquish some control in order to keep the club under his ownership.
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Roman Abramovich's decision to sell Chelsea has sent shockwaves throughout English football but he leaves with the club firmly established as one of the giants of the European game. The billionaire, alleged to have close links to Russian President Vladimir Putin, has not so far been named on a growing British sanctions list targeting Russian banks, businesses and pro-Kremlin tycoons following Russia's invasion of Ukraine. But the 55-year-old has decided that selling Chelsea is in the best interests of the club, fans and employees. The Chelsea Abramovich will leave are dramatically different from the club he bought in 2003 for just £140 million ($187 million) at a time when Manchester United and Arsenal were the dominant forces in the Premier League. The club were transformed from also-rans teetering on the brink of a financial crisis into one of the richest in the Premier League thanks to the deep pockets of the Russian, who routinely bankrolled blockbuster transfers.