Roman Abramovich Announces He Will Sell Chelsea amid Russia's Invasion of Ukraine

Chelsea owner Roman Abramovich announced Wednesday that he will sell the club. 

"As I have stated before, I have always taken decisions with the club's best interest at heart," he said in a statement. "In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club's sponsors and partners."

The decision from the Russian businessman comes amid Russia's attack on Ukraine, which has reportedly killed more than 2,000 civilians. Abramovich announced the net proceeds from the sale will be donated to a foundation to benefit "all victims of the war in Ukraine."

Abramovich, 55, accepted a request from Ukraine officials to participate in peace talks between the two sides. 

On Saturday, he ceded control of the Premier League club to the trustees of Chelsea's charitable foundation. He is now preparing to sell the team, although cautioned that the sale "will not be fast-tracked."

Abramovich purchased Chelsea in 2003 for £140 million, but the club's value has grown significantly over the past two decades. According to Forbes, Chelsea was valued at $3.2 billion in 2021, tied for 25th among all sports franchises in the world. It has had a 93 percent growth in value over the past five years. 

ESPN's James Olley reported that Abramovich has told potential buyers that he values the club at £3 billion.

The club has seen a tremendous amount of success since Abramovich purchased the club, including Champions League titles in 2012 and 2021 to go with five Premier League championships. The Blues won the Club World Cup last month and remain a top contender for the Champions League title once again in 2022.

"Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner," Abramovich added. "However, I do believe this is in the best interest of the club."