Sanctions affect Russian Oligarchs in soccer

Roman Abramovich owner of Chelsea FC

Roman Abramovich, owner of Chelsea smiles following his team's victory during the UEFA Champions League Final between Manchester City and Chelsea FC

After almost two decades of being the owner, Roman Abramovich has decided to sell Chelsea.

Alexander Hassenstein/Getty Images


Roman Abramovich, Russian oligarch of Chelsea Football Club, announced that he was selling the English soccer powerhouse.

Abramovich has a net worth in excess of $2.5 million $13.6 billionIn 2003, Chelsea’s parent firm was bought by, for $230 Million. 

Bloomberg says:As the majority shareholder of Evraz (the second largest Russian steelmaker), Abramovich has made his fortune.

Since the fall of Soviet Union, Abramovich was close to Russian President Vladimir Putin. This occurred during a period in which the oligarch amassed huge wealth through dividends and selling assets from Soviet Union. He also acquired large stakes at companies such as Aeroflot.

“I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC,”In his statement about the sale of the club, Abramovich stated. “As I have stated before, I have always taken decisions with the club’s best interest at heart.

“He said that in the current state of affairs, I have decided to sell the club because I believe it is in the club’s best interest, the fans, and the employees as well as the club’s sponsors, partners, and supporters.”

Abramovich will then be there on Thursday was officially sanctionedThe UK government was asked to accept “preferential treatment” and concessions from Putin.” His assets in the country, including Chelsea FC were seized by the UK government, and the club will use a special license allowed by the government to keep operating for the remainder of the season.

Abramovich can no longer go ahead with his planned sale of Chelsea, and players and staff will still be paid, but the club can no longer buy or sell new players, or sell new tickets for the time being.

In response to the news, Chelsea’s shirt sponsor, mobile phone company Three, immediately suspended it’s sponsorship dealIt is worth $52 million a year and will be removing the logo off the jerseys.

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