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Abramovich: How a Russian Oligarch Lost Chelsea in a Week

Shola Oshunkeye March 4, 2022

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Less than a year ago, on a cool night in Porto, confetti rained down on Roman Abramovich as he hugged Chelsea players after their Champions League triumph.

Less than a month ago, in the United Arab Emirates, fireworks illuminated his face as he raised the Club World Cup trophy while gesturing towards cameras.

Now, after a surreal week that has seen Russian air strikes tear through Ukraine, Abramovich has said he will no longer own the club he’s successfully run since 2003, pledging to sell the Blues amid consternation over his links to President Vladimir Putin’s regime.

So, how did that 180 happen, with one of football’s most recognisable owners so quickly losing his grip on his most prized possession?

First, the destruction

After weeks of high tensions, Russia began its invasion of Ukraine last Thursday morning local time with a bombing spree that turned buildings to splinter and shook the world.
The West immediately ramped up economic sanctions, and attention turned to potential punishments, including the freezing of assets, for Russian oligarchs like Abramovich with business in Europe.
Abramovich is an influential figure and former politician in his home nation who amassed his wealth buying state industries below market value.

Then, the protests

There’s been almost universal condemnation of Russia in European football, with demonstrations held before matches in all major leagues this past weekend.
One such protest happened in Chelsea’s Carabao Cup final loss to Liverpool, as fans held up flags bearing Ukraine colours.
Even Chelsea manager Thomas Tuchel, caught in an awkward position, expressed timid support for the people of Ukraine.

Abramovich’s Sunday statement

Under pressure from the public and UK government, Chelsea’s owner said last Saturday that he would hand over “stewardship and care” of the organisation to trustees of Chelsea’s charitable foundation.

Yes, but

It quickly became apparent that the pressure would not ease.
As early as Tuesday, Abramovich floated the idea of selling the club to prospective buyers, with a Swiss billionaire acknowledging they had been in touch.
By Wednesday, Abramovich released a public statement saying he would sell.

The bottom line

Chelsea will not have to pay back significant loans Abramovich has made to the club, and he has promised to donate at least some of the net proceeds of the sale to Ukraine war victims.
However, the sale will undoubtedly change the future of the Blues, as other club leaders, most notably director Marina Granovskaia, reportedly could also be on the way out (though GOAL has not confirmed such a departure is imminent).
It’s unlikely the next owner will be the type of well-known figure Abramovich cut out in his nearly two decades running the team – or a person fans rally behind.
Under the circumstances, though, Chelsea have little choice but to embrace the transition.